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ARTICLE · 27 FEBRUARY 2019

The CLOser – February 2019

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2018 was a record breaking year for US CLO primary issuance recording over $128 billion of new issuance, $4.7 billion more than 2014.

GlobalFinance and Banking
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2018 was a record breaking year for US CLO primary issuance recording over $128 billion of new issuance, $4.7 billion more than 2014. Add in refis and resets, the total US CLO issuance in 2018 hit $250 billion. Below is a snapshot of some of the highlights of 20182:

  • New issuance totalled $128 billion from 241 deals and 111 different managers compared to $118 billion from 212 deals and 95 different managers in 2017.
  • Refi and reset activity accounted for another $122 billion in issuance from 316 CLOs.
  • AAA pricing started the year at around 100-110 and ended the year around 120-130 with spreads widening significantly by the end of 2018.
  • LSTA action succeeded in the US Court of Appeals for the DC Circuit on 9 February 2018 starting the end of the era for US risk retention and open market CLOs.

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