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ARTICLE · 02 MARCH 2017

US CLO Market

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Following a glacial start to the year and significantly depressed H1 issuance levels, which resulted in significant downward revisions by bank arrangers to their 2016 volume predictions...

United StatesFinance and Banking
Mark Matthews
Mark Matthews
Nicola Bashforth
Nicola Bashforth
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2016 US CLO Market Review

Following a glacial start to the year and significantly depressed H1 issuance levels, which resulted in significant downward revisions by bank arrangers to their 2016 volume predictions (as low as $35 billion for the full year), 2016 ended on a more positive note than expected. US CLO issuance ended the year at approximately $72 billion across 156 deals, with nearly $50 billion in additional issuance via refinancing/reset transactions across 96 deals.

The busiest months in terms of activity were October, November and December which accounted for $26.21 billion in CLO primary issuance and approximately $37 billion in refinanced or reset deals. In contrast, H1 issuance totalled $27.12 billion from 66 deals and in 2015 refinancing volume was less than $10 billion in total. Bank arranger predictions, which at the start of 2016 were around the $70 billion mark, held true despite the downward revisions in March 2016 to $35-50 billion.

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