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Les émissions européennes de CLO sont restées solides en 2022 et 2023, malgré la volatilité des conditions de marché. Bon nombre des transactions au cours de cette période sortent maintenant de leur période sans option de rachat et font l’objet d’un refinancement au moyen de réinitialisations. Cependant, tous les investisseurs ayant participé aux opérations initiales de 2022/2023 ne participent pas à ces réinitialisations. Il en a résulté un excès de réinitialisation, qui s’ajoute aux niveaux déjà élevés de nouvelles émissions observés cette année. Par conséquent, le marché a connu une offre excédentaire de CLO.

Source : RBC GMA, 9fin, au 2 septembre 2025. Offre européenne de CLO basée sur le volume des nouvelles émissions plus volume de refinancements/réajustements corrigé des effets de roulement À titre indicatif seulement. Il n’y a aucune garantie que les tendances décrites ou illustrées dans le présent document se poursuivront.
La combinaison d’un volume élevé de réinitialisations et de nombreuses nouvelles émissions au cours des mois d’été a entraîné un élargissement de spread sur les marchés primaires, en particulier dans la tranche A. À la mi-juin, les spreads des CLO notés A ont commencé à se creuser progressivement, atteignant 240-250 pb en août, contre 200 pb en début d’année. Il est intéressant de noter que, tandis que les spreads des CLO notés A s’élargissaient, les marchés du crédit dans leur ensemble se resserraient, comme en témoigne l’indice BB-European High Yield, qui s’est resserré à environ 260 pb. Cela a entraîné une compression significative du spread entre les CLO notés A et les obligations BB-European High Yield, qui s’est réduit à seulement 10-20 pb.

Source : RBC GAM, Bloomberg, Wells Fargo, au 29 août 2025. À titre indicatif seulement. Il n’y a aucune garantie que les tendances décrites ou illustrées dans le présent document se poursuivront.
Nous avons repéré cette dislocation du marché très tôt et étions bien placés pour agir, avec des liquidités disponibles dans l’ensemble de nos stratégies. Au premier semestre, nous avons maintenu une exposition très sélective au marché primaire, privilégiant des profils de courte durée et de désendettement dans un contexte d’incertitude macroéconomique croissante. Au fur et à mesure que l’environnement macroéconomique s’est stabilisé et que cette opportunité unique a émergé, nous avons ajouté des volumes importants de CLO européens de haute qualité sur le marché primaire, tirant parti de cette dislocation pour générer de l’alpha.
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