CVC Credit Launches First European CLO of 2026 with €406 Million Cordatus XXXVIII Transaction

CVC Credit Launches First European CLO of 2026 with €406 Million Cordatus XXXVIII Transaction

(IN BRIEF) CVC Credit has priced Cordatus XXXVIII, a new €406 million European collateralized loan obligation and the firm’s first CLO issuance in Europe for 2026. The transaction achieved one of the tightest running debt costs seen in the European CLO market for a long-dated vehicle since February, attracting support from both existing and new institutional investors. The CLO includes a four-and-a-half-year reinvestment period, while around 60 percent of the portfolio had already been sourced at pricing. CVC Credit said the successful deal reflects the resilience of its platform and investor confidence in its long-term credit management capabilities. The firm currently manages €32 billion in liquid credit assets and maintains a two-decade track record in CLO issuance and portfolio management.

(PRESS RELEASE) LUXEMBOURG, 8-May-2026 — /EuropaWire/ — CVC Credit has successfully priced its first European collateralized loan obligation transaction of 2026, continuing the firm’s activity in the structured credit market despite ongoing geopolitical and financial market volatility. The new vehicle, Cordatus XXXVIII, is valued at €406 million and represents the second CLO issuance completed globally by the firm this year, following the earlier pricing of Apidos LVI in the United States.

The transaction achieved what CVC Credit described as the tightest running cost of debt for any long-dated European CLO priced since February, reflecting continued investor demand for high-quality structured credit products even during a period of market uncertainty. The CLO attracted support from both long-standing institutional investors and new blue-chip participants, highlighting confidence in the platform’s portfolio management capabilities and long-term performance history.

Cordatus XXXVIII has been structured with a four-and-a-half-year reinvestment period and a one-and-a-half-year non-call period. At the time of pricing, approximately 60 percent of the underlying portfolio had already been sourced, providing investors with increased visibility into the transaction’s asset composition from the outset. Citi served as arranger for the deal.

Guillaume Tarneaud, Managing Partner and Co-Head of CVC Global Liquid Credit, stated that the successful pricing demonstrated the resilience of the firm’s platform during a market environment affected by major geopolitical developments. He added that the company remains focused on disciplined capital deployment and maintaining strong investment performance for clients.

CVC’s Liquid Credit business currently manages approximately €32 billion in assets through more than 70 active funds and is supported by a team of around 40 investment professionals across Europe and the United States. The firm has more than two decades of experience in CLO issuance, liquid credit investing, and active portfolio management. According to the company, none of its CLO vehicles has missed a distribution to equity holders since inception, underscoring its long-term track record across multiple credit market cycles.

The pricing of Cordatus XXXVIII comes as European CLO markets continue to adapt to changing interest rate conditions, geopolitical tensions, and evolving investor appetite for structured finance products. Market participants have increasingly focused on managers with established performance histories and diversified sourcing capabilities as investors seek stable risk-adjusted returns in a more complex credit environment.

Media Contact:

Patrick Humphris
Managing Director, Head of Corporate Affairs
CVC
Tel: +44 204 576 9526
phumphris@cvc.com

SOURCE: CVC Capital Partners