In just a half‑day, the world’s leading CLO strategists gathered in Tokyo and decoded the freshest U.S. and EU leveraged‑loan trends, spotlighting the credit opportunities that are reshaping the markets.
The event packed 19 distinguished CLO managers and over 90 senior market players into a high‑octane, forward‑looking dialogue on the forces that will drive leveraged finance through 2025 and beyond.
Key Takeaways
US Leveraged Loan Market Update
The US Leveraged Loan market has experienced strong technicals in 2025, driven by limited net supply and active CLO issuance. At the same time, fundamentals have remained resilient. Rate cuts could have implications on the market on both technical and fundamental sides.
US CLO Market Update
US CLO issuance has been strong in 2025, combining new issue, refinancing and reset transactions. At the same time, CLO spreads have remained relatively tight, except during the Liberation Day sell-off. The growth of the ETF market has broadened investor access to the asset class.
Infrastructure CLO Market Update
Infrastructure CLOs are a growing asset class within the securitised credit space. The substantial infrastructure financing needs on a global basis and the resilience of the asset class could lead to further product growth.
US Private Credit CLO Market Update
The US Private Credit CLO market has grown significantly over the past four years. Private credit has provided a new source of financing to broadly syndicated loans. The asset class has also grown in terms of maturity and liquidity.
CLO Equity Update
CLO Equity dynamics have a direct impact on the CLO lifecycle. The state of the CLO arbitrage could affect CLO formation. CLO equity may offer opportunities in both primary and secondary markets.
European Loan & CLO Market Update
European CLO issuance has been strong in 2025, combining new issue and refinancing/reset transactions. At the same time, CLO spreads have remained relatively tight, except during the Liberation Day sell-off.
European Private Credit Markets Update
European Private Credit has experienced growth in terms of market size, as well as compression in spreads. The emergence of Private Credit CLOs in Europe could bring more liquidity to the asset class.
According to Adnan Zuberi, Co-Head of Global Capital Markets Americas and Global Head of Asset Finance and Securitization (AFS): “We were delighted to present an impressive line-up of leading global CLO managers, who shared their views on the market landscape and the outlook for leveraged loans, private credit, and CLO issuance trends in US and Europe.”
Japanese investors gained a deeper understanding of the complex dynamics shaping the global CLO sector.
Adnan Zuberi, Co-Head of Global Capital Markets Americas, Global Head of Asset Finance and Securitization (AFS), BNP Paribas.
Mohit Singh, Head of Global Credit APAC, highlighted: “We are a Tier 1 Arranger of CLO’s globally with a Top 4 ranking in the US and Top 2 in Europe. These deals position us amongst the leading CLO distributors in Japan, underscoring our commitment to this market.”
At BNP Paribas, we are incredibly proud of our Japan platform, from where we service our most important clients across Equities and Fixed income, using the strong product corridors from the US and Europe.
Mohit Singh, Head of Global Credit APAC, BNP Paribas.
BNP Paribas has been named IFR’s EMEA Leveraged Finance House of the Year for the second consecutive year and the inaugural EMEA CLO House of the Year in addition to its previous recognition as GlobalCapital’s US CLO Bank of the Year. The bank’s 100‑plus complex loan and high‑yield transactions, robust balance‑sheet capacity, and deep international distribution platform have driven market‑defining pricing and sustained share‑level growth amid a record euro‑CLO surge.
At the Tokyo Forum, industry leaders highlighted BNP Paribas’ blend of structural innovation, disciplined risk management, and global execution as the blueprint for the next phase of leveraged finance.
The respect we have for the Japanese clients from our global partners in BNP Paribas is the biggest reason why we can serve our clients better in Japan. Our clients value the partnership and trust we have
Susumu Ishikawa, Head of Credit Sales, Global Markets Japan, BNP Paribas.
created in the past years, especially in the recent volatile market environments. The Tokyo Global Markets team is connecting all corridors to best deliver our franchise.”
