Barings launches Europe’s first multicurrency private credit CLO

We advised Barings on the Irish legal, regulatory and tax aspects of Barings Euro Middle Market CLO 2025-1 DAC – the first multicurrency private credit CLO in Europe.
 
This first-of-its-kind transaction in Europe combines a multicurrency structure with a portfolio made up entirely of directly originated private credit assets.
 
Our multi-disciplinary team was led by Finance and Capital Markets partner Paddy Rath and included Tax partner Eimear Burbridge, Finance and Capital Markets of counsel Seána Donaghy, Tax senior associate Michael Gallagher, Finance and Capital Markets associate Matthew Riordan, head of listings Therese Redmond and Walkers Professional Services vice president Adithya Sivaraman.
 
Commenting on the transaction, Paddy said: 'We are thrilled to have supported Barings on their second landmark European private credit CLO. Barings continue to demonstrate leadership and innovation in this space and we are pleased to have played a part in bringing this landmark transaction to market."
 
The deal follows Barings’ launch of Europe’s first private credit CLO in 2024, which we also advised on, and represents the third European middle market / private credit CLO in Europe.
 
The multicurrency format – featuring euro and sterling tranches – is expected to shape future market developments in this space.