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

Banks predict record-breaking year ahead
Consensus figures generated from outlook reports by five banks suggest 2025 will be another strong year for CLO issuance. But last year, their estimates were well below the actual numbers

Slow and steady wins the day
It’s often thought CLO managers add value to their deals via high volume trading strategies. The data shows this can be true — but on average, top performing CLOs are less actively traded

BNP Paribas sees credit upside in 2025, even amidst Trump-led unpredictability
The bank also sees CLO equity outperforming in 2025 benefiting from resilient loan fundamentals, strong cash flows, and the upside potential from reset activity

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

Triple C assets and capital preservation
In the US and Europe, better performing CLOs tend to hold fewer triple C assets. But even so, a third of top performing CLOs in the US have more than 6% of their assets in the triple C bucket.

Reset or refinancing?
The CLO market is expecting another strong half year for both resets and refinancings. But what factors are leading equity investors to prefer resetting deals over refinancing them?

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

Older CLOs show they’ve still got it
The CLO primary market is vibrant — but some older vintages are still performing very well. We look at the equity performance of US BSL CLOs that have exited their reinvestment period

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

How many CLOs will be reset?
Tightening liability spreads aren’t just driving record new CLO issuance this year — they’re also triggering a wave of resets and refinancings in the US, especially for broadly syndicated CLOs

How many CLOs will be called this year?
Most CLOs are called when loan market prices are high. Distributions and equity NAV are also important, and they suggest that over 30 2017 and 2018 deals are now ripe for redemption

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.

Ask the market where spreads are heading
Nothing brings the CLO market together like a good moan about the state of the arb. But according to our data, the arbitrage for new-issue US CLOs has remained in the same range for years. 

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 report finds 2023 a record year for alternative credit M&A
A new report on “Acquisitions of Alternative Credit Managers” by credit specialist Gapstow forecasts that more M&A activity lies ahead for credit firms as they struggle with the challenges facing the broader investment management industry

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