CLO secondary dynamics – January 2026
January trading activity suggested a market that is stabilising rather than accelerating, with consistent liquidity, tighter spreads, and improving sentiment across the capital structure

Private credit CLOs scaled new heights in 2025
CHART: Mid-market CLOs enjoyed their biggest issuance year ever, powered by a high number of pricings and underpinned by an especially prolific opening quarter

CLO secondary dynamics – November 2025
The CLO market in November 2025 exhibited steady but shifting activity across trading and spreads, reflecting a market that remained active despite seasonal slowdowns and mixed sentiment

CLO credit quality improving – Fitch
CLO performance remained stable in November, with few changes made to Fitch’s ratings

Euro triple-Cs buckets are trending up but investors remain sanguine
The European CLO market has had a number of leveraged loan ratings downgrades, but investors say they’ve mostly been idiosyncratic events and the situation remains manageable

European CLO equity distributions keep getting better, US keep getting worse
The latest distributions for post-reinvestment US CLOs show the impact of rapid prepayment rates, but post-reinvestment European CLOs are bucking that trend and seem to be improving with age.

Seasoned US CLO managers have added value, but not much, according to our research
Our latest research looks into one aspect of active CLO management - how much alpha managers are actually generating. According to our findings, US CLO managers have been successful in adding some value for their investors.

Print and sprints from 2022 generate near record returns
A select group of print and sprint CLOs that priced in the summer of 2022 are generating near-record IRRs on the back of the rally in the loan market over the past 12 months. The CLOs in question were structured with one-year non-call periods and were liquidated in August.

Large CLO managers outperform their smaller peers
Size does matter according to our latest research that finds that larger US CLO managers have consistently outperformed their smaller counterparts.

Jump in loan prices sees CLO primary stall in the US
US CLO primary supply almost ground to a halt in June with just three transactions printing in the first half of the month

Sterling-denominated leveraged debt faces greater challenges than euro, says Fitch
UK loans and bonds are facing greater challenges than issuers from other European geographies including bigger operational and capital market challenges, according to new research from Fitch Ratings

Chance of CLO refis and resets returning this year despite volatility, says Oxford Funds
CLO refinancing and reset activity could return in limited situations later in 2023 despite the ongoing uncertainty around the economy

Large CLO investor sells three post-reinvestment anchor equity positions
Three control equity positions were on sale on Thursday at 9am EST (2pm GMT) in the same list. The bwic listing was made up of three 2017 US CLOs, all of which are post-reinvestment and have not been reset in the years since

Parallel CLO tranche sinks deeper into triple C
Parallel 2015-1’s junior-most debt tranche was downgraded to Caa3 late last year by Moody’s

European CLO managers trade loans to avoid (par) burn
Between March and July, European CLO managers traded €21 billion of assets within CLOs that were still in their reinvestment period as opportunities arose amid a weaker macro environment and Russia’s war with Ukraine

Plenty more US CLOs in the CCC as buckets pass 5%, finds S&P
US CLO triple C baskets have nudged to 5.02% in November from 4.4% the prior month

Apollo scooped up $1.1 billion CLO paper amid UK LDI crisis, officials confirm
Apollo Global Management bought a whopping $1.1 billion of triple A and double A-rated CLO paper yielding over 8% in the three weeks of elevated bwic supply in October

US CLO equity payments drop to lowest since covid
US CLO equity payments have taken a hit in October due to a mismatch between one-month and three-month Libor and Sofr. 65% of loans in US CLOs reference one-month Libor, whereas all liabilities pay from three-month Libor or Sofr.

CLOs can weather a short recession, but maybe not a long one, conference hears
The US economy is likely to enter a recession in the first half of 2023, attendees at IMN's ABS East conference heard on Tuesday. While the severity of the downturn is unknown despite the Federal Reserve aiming for a 'soft landing', CLOs are well positioned to weather the storm - as long as the recession is contained in a relatively short period

Leveraged loan issuance unlikely to return in force until late 2023, conference hears
The leveraged loan primary issuance pipeline is headed for an elongated pause and primary loan activity is unlikely to return dramatically until late in 2023, attendees at IMN's ABS East conference in Miami heard on Monday

US managers recalibrate as Euro CLO portfolio spreads rise: Moody's
CLO managers have had to readjust this year and data from Moody’s Investor Services shows weighted average rating factor scores for all US CLOs have held steady, while weighted average spreads have dropped 0.15%

Warning signs flash as B3 share of loans reaches record level
Credit analysts are sounding the alarm as the portion of the loan and high yield universe rated B3 or B- surged to a record level in the third quarter

US CLO syndication returns after long layoff as triple As settle tighter
After months where CLO liability pricing lagged the loan market, September saw a reversal as a vibrant investor base helped CLOs outperform

US loan index falls below 92 to almost wipe out gains since July
The S&P/LSTA Leveraged Loan Index sank to an average bid of 91.92 cents by Monday, down by two points in as many weeks, wiping out almost all the gains seen in the late-summer market rally