In this year-end episode, Hina and Sandeep wrap up developments across the European Leveraged Finance and CLO markets, joined by Marta Stojanova, Head of European Leveraged Finance. Together, they unpack the major themes shaping the market, including:

• Nearly $250 billion in issuance in 2025
• Key trends in credit estimates
• Shifts in the average EBITDA size of issuers
• What these developments mean for mid-market CLOs going into 2026

Our aim is to provide market participants with further advanced analytical insight into corporate credits, CLOs and Leveraged Finance deals, with S&P Global Ratings' regular podcast, based on key features we're seeing in corporate credits and sectors that CLOs are exposed to.

In this edition, Hina and Sandeep are joined by Frank Gill, our EMEA Sovereign Sector Lead, to explore how the sovereign downgrade of France has impacted the European CLO market.

Our goal is to offer market participants advanced insights into Corporate Credits, CLOs, and Leveraged Finance deals through our regular podcast, focusing on key features observed in corporate credits and the sectors that CLOs are exposed to.

Related article: France Ratings Lowered To 'A+/A-1' From 'AA-/A-1+' On Heightened Risks To Budgetary Consolidation; Outlook Stable

In this special edition, hosts Hina and Sandeep engage in a thought-provoking discussion with Yann Marty and William Sweat about a novel transaction that highlights the increasingly blurred lines between fund finance and traditional securitization. This episode delves into complex and innovative transactions concerning sublines, for which we may not have established published criteria.

Our Cross Practice Analytical Team takes a holistic approach to these bespoke transactions, identifying associated risks and developing an analytical framework for assessment. Our goal is to offer market participants advanced insights into Corporate Credits, CLOs, and Leveraged Finance deals through our regular podcast, focusing on key features observed in corporate credits and the sectors that CLOs are exposed to.

Related article: Presale: Capital Street Master Trust (Series 2025-1)