Issuance for the US CLO market for the year to date has been
fairly steady notwithstanding a slow start in January.
Banks' predictions
at the start of 2019:
- Bank of America Merrill Lynch: US$105 billion (US$100 billion
in refis and resets)
- Deutsche Bank: US$110 billion (US$80 billion in resets, US$40
billion in refis)
- J.P. Morgan: US$130–140 billion (US$100 billion in refis
and resets)
- Morgan Stanley: US$90 billion base case (US$30–60 billion
in resets)
- Nomura: US$110 billion (US$130 billion in refis and
resets)
- Wells Fargo: US$110 billion (US$100 billion in refis and
resets)
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While the issuance dollar value itself is down by more than
US$10 billion (see "highlights" overleaf), the number of
priced new issue deals (168) is, in fact, just one less than the
number for the same period last year (169) as a result of
participants preferring deal size in the US$400-500 million range.
Indeed, only one US$1 billion plus deal has priced to
