This transaction further highlights Mizuho’s growth story in developing a European CLO primary business, an asset class core to Mizuho’s CIB strategy and global ambitions.
London 16 February 2026: Mizuho EMEA, part of Mizuho Financial Group, one of the world’s largest financial institutions is pleased to announce the successful pricing of Avoca XXXV, its first CLO transaction with KKR and the second deal solely arranged by Mizuho in Europe, following the successful execution of Invesco XV last summer. The transaction underscores Mizuho’s accelerating momentum as a leading global CLO arranger and distributor.
Avoca XXXV priced with the tightest full capital‑stack print of the year-to-date, reflecting exceptional conviction in KKR’s market‑leading credit platform and the strength of Mizuho’s structuring and syndication capabilities. The deal attracted broad global demand, with particularly strong support from Japanese investors, complemented by deep and high‑quality participation across EMEA and U.S. accounts, resulting in an exceptionally well‑balanced and competitive orderbook. The transaction achieved a weighted average cost of debt of 176.7bps.
Asif Godall, Head of Markets, Mizuho EMEA, commented: “Avoca XXXV marks another step forward in our platform’s trajectory. The standoutexecution and global investor engagement highlight the strength of KKR as apremier CLO manager and the effectiveness of our global distribution franchise.”
Mizuho remains committed to advancing its global CLO leadership, with Japanese investors continuing to play a pivotal role in the firm’s franchise and long‑term strategy.
Mizuho Financial Group globally arranged 59 CLO transactions across new issues, resets and refinancings in 2025 through their teams in New York and London.
Since 2022, Mizuho EMEA has co‑placed six additional CLOs, reinforcing its build‑out in the asset class. A cornerstone of this expansion has been the hiring of Hernan Quipildor in 2022 to lead the EMEA CLO strategy, significantly enhancing Mizuho’s market presence and long‑term ambition in structured credit.
ENDS
About Mizuho EMEA
Mizuho EMEA provides corporates and institutions in the region with unparalleled access and expertise in Japan and Asia, and supports clients with their corporate and investment banking, and asset management needs. Headquartered in London and with a strong presence throughout the region, our client base includes leading corporations, financial institutions and state owned entities. Mizuho is deeply committed to serving client needs, enabling our people to flourish, and helping to improve society and communities where we do business.
Mizuho’s presence in EMEA is an integral part of the Japan-based Mizuho Financial Group, Inc. Mizuho Financial Group is one of the largest financial institutions in the world, offering comprehensive financial and strategic services through its subsidiaries. The group has over 900 offices and 60,000 employees worldwide in nearly 40 countries throughout the Americas, EMEA, and Asia. As of 31 March 2025, its total assets were US$2 trillion.
