US CLO spreads to widen as uncertainty and tariffs bite – JPMorgan
Higher US tariff levels may lead to CLO spreads widening and pressure US CLO market growth, but new origination has been more resilient than expected, according to JPMorgan analysts in their mid-year CLO outlook report

Mid-market CLO rally unlikely to endure — S&P Global
The positive start to the year has been undercut by uncertainty stemming from the Trump administration’s new tariff regime

Moody’s forecasts robust economic performance underpinning continued strength in CLOs
The ratings agency’s outlook for 2025 is upbeat about the prospects for both the US and European CLO markets, helped by declining leveraged loan defaults

BNP Paribas develops 'call score' for US CLOs
The new feature, dubbed ‘Call Score’, rates deals on a scale between 0 and 100, with the aim of identifying CLO deals that are imminent call candidates

JP Morgan revises CLO spread target upwards as recession fears mount
Off the back of renewed recession fears JP Morgan has revised its end-of-year AAA CLO spread target upwards to 150bps for both the US and Europe

New survey explores middle-market CLO operations
S&P Global Market Intelligence, in collaboration with Creditflux, conducted a study of middle-market CLO managers to assess how specialists are adapting their operations to tap this burgeoning opportunity

Bank holdings of CLOs drop by nearly 3% in first quarter
US bank holdings of CLOs fell 2.93% to USD 199bn in the first quarter, as repayments outweighed purchases of the securities

Technical strength drives primary US CLOs spreads below historical norms
Triple As are now pricing on top of historical levels, and other investment-grade CLO tranches are already pricing much tighter than historical trends, thanks to the technical strength observed in the primary US BSL CLO market

Middle market portfolios aren't immune to rate stress, according to new research
Two research reports published this week highlighted ongoing risks in middle market structured credit portfolios

Thirty years strong - new S&P report highlights resilience of CLO structures
If you’re feeling battered by the relentless Altice coverage, S&P Global Ratings has come out with a timely reminder that dealing with distress is something CLOs do exceptionally well

Barclays raises 2024 US BSL CLO new issue forecast
Barclays has become the latest bank research desk to increase its 2024 US BSL CLO new issue forecast

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.

Fresh wave of CLO calls looms as US equity distributions drop
Equity distributions for US CLOs outside their reinvestment period continue to fall as prepayments cut into cashflows

European CLO primary spreads still have a long way to go
Are European CLO spreads in the primary market cheap or expensive? Our latest research shows that while US managers can celebrate AAAs reaching the 150s, in Europe spreads still have a long way to go to reach historical norms.

New research says that CLO arb is better than you think, but still not good enough
New research by Barclays’ Powell Eddins and Pranava Boyidapu suggests that CLO arbitrage is in a better place than many investors think, but that BBs are still more attractive

Investor wades into debate on whether CLO BB notes are literally underrated
The latest piece of thought-provoking research from Flat Rock Global broaches the thorny topic of structured credit ratings, asking “Are CLO BB Notes Investment Grade?”

Manager tiering matters, but don’t rely on proxies like WAS or WARF
With manager tiering continuing to dominate CLO primary pricing levels we take a look at the 2021 vintage to see how much difference a manager really makes to deal performance

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.

Secondary CLO prices continued to rise across June
US BWIC secondary prices continued to rise in June, according to a report by KopenTech. 

Slow pace of loan prepayments increasing CLO tranche WAL, finds Barclays
Prepayment rates in the leveraged loan market have dropped to post-financial crisis lows, thereby increasing CLO debt tranches' weighted average life and slowing the pace of amortization for deals that have left reinvestment, according to new research published by Barclays

Do amend and extends now before big chunk of CLOs exit reinvestment, says BofA
Research analysts at Bank of America are recommending CLO managers complete amend and extend activity before a wave of transactions exit their reinvestment periods later in the year

34% of CLOs rated by Fitch out of reinvestment
34% of the CLOs rated by Fitch Ratings have left their reinvestment periods including six deals that exited in May, the rating agency said in a note to clients on Thursday

Student loans emerge as headwind for loan market, says BofA
American graduates are poised to resume student loan repayments in August, and new research from Bank of America suggests the change could be a headwind for the loan market due to weaker consumer demand.

CLOs are our highest-conviction investment category, says Oaktree
Oaktree Capital Management has said that CLOs are the firm's 'highest-conviction investment category' in a credit market outlook study published on Thursday, despite the recent turbulence stemming from the collapse of Silicon Valley Bank

Investors should pair short CLO triple As with long MBS for best returns, says Janus Henderson
Senior figures at Janus Henderson Investors have recommended that credit investors should pair short duration CLO triple As with longer duration mortgage backed securities to optimise their returns, in a research article published on Tuesday