Please find the table below for the CLO collateral exposure by industry (Moody’s classification) based on 233 US BSL CLO deals closed in 2022. The median 2022 US CLO deal has an 11.8% exposure to High Tech Industries.
| 2022 US BSL Deals | Percentile | Percentile | Median | Percentile | Percentile |
| Moody’s Industry Exposure (%) | 90% | 75% | 50% | 25% | 10% |
| Aerospace and Defense | 4.8 | 3.8 | 2.6 | 1.8 | 1.0 |
| Automotive | 4.6 | 3.9 | 2.7 | 1.7 | 1.0 |
| Banking, Finance, Insurance & Real Estate | 12.9 | 10.3 | 8.1 | 6.4 | 5.0 |
| Beverage, Food & Tobacco | 5.1 | 4.4 | 3.2 | 2.1 | 1.5 |
| Capital Equipment | 6.2 | 4.8 | 3.5 | 2.5 | 1.4 |
| Chemicals, Plastics & Rubber | 6.9 | 5.2 | 4.0 | 2.6 | 1.7 |
| Construction & Building | 6.9 | 5.6 | 4.3 | 2.9 | 1.7 |
| Consumer goods: Durable | 4.1 | 3.1 | 1.9 | 1.0 | 0.5 |
| Consumer goods: Non-durable | 3.0 | 2.0 | 1.4 | 0.7 | 0.3 |
| Containers, Packaging & Glass | 5.6 | 4.4 | 3.2 | 2.0 | 1.5 |
| Energy: Electricity | 1.3 | 0.6 | 0.2 | 0.0 | 0.0 |
| Energy: Oil & Gas | 3.0 | 2.1 | 1.3 | 0.6 | 0.0 |
| Environmental Industries | 1.6 | 1.2 | 0.8 | 0.4 | 0.0 |
| Forest Products & Paper | 0.7 | 0.5 | 0.0 | 0.0 | 0.0 |
| Healthcare & Pharmaceuticals | 14.3 | 13.0 | 10.9 | 9.1 | 7.2 |
| High Tech Industries | 16.7 | 13.9 | 11.8 | 9.1 | 7.5 |
| Hotel, Gaming & Leisure | 6.7 | 5.8 | 4.7 | 3.3 | 2.0 |
| Media: Advertising, Printing & Publishing | 3.3 | 2.2 | 1.4 | 0.7 | 0.2 |
| Media: Broadcasting & Subscription | 6.4 | 5.0 | 3.6 | 2.0 | 1.0 |
| Media: Diversified & Production | 1.9 | 1.5 | 0.8 | 0.4 | 0.0 |
| Metals & Mining | 1.2 | 0.7 | 0.4 | 0.0 | 0.0 |
| Retail | 4.6 | 3.5 | 2.4 | 1.5 | 0.9 |
| Services: Business | 13.6 | 11.6 | 9.5 | 7.7 | 6.3 |
| Services: Consumer | 6.7 | 5.1 | 3.4 | 2.6 | 1.6 |
| Sovereign & Public Finance | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Telecommunications | 6.1 | 5.1 | 3.7 | 2.4 | 1.5 |
| Transportation: Cargo | 2.1 | 1.4 | 0.9 | 0.4 | 0.0 |
| Transportation: Consumer | 3.5 | 2.6 | 2.0 | 1.2 | 0.3 |
| Utilities: Electric | 2.7 | 1.6 | 1.0 | 0.5 | 0.1 |
| Utilities: Oil and Gas | 0.8 | 0.3 | 0.0 | 0.0 | 0.0 |
| Utilities: Water | 0.3 | 0.0 | 0.0 | 0.0 | 0.0 |
| Wholesale | 1.3 | 0.6 | 0.0 | 0.0 | 0.0 |
Related article:
US CLO Managers: Industry Positioning
Disclaimers
The information, research, data, research-related opinions, observations, and estimates contained in this document have been compiled or arrived at by CLO Research Group, based upon sources believed to be reliable and accurate, and in good faith, but in each case without further investigation. None of CLO Research Group or its service providers; authorised personnel, or their directors make any expressed or implied presentation or warranty, nor do any of such persons accept any responsibility or liability as to the accuracy, timeliness, completeness, or correctness of such sources and the information, research, data, research related opinions, observations and estimates contained in this document. All information, research, data, research-related opinions, observations, and estimates in this document are in draft form as of the date of this document and remain subject to change and amendment without notice. Neither CLO Research Group nor any of their third-party providers shall be subject to any damages or liability for any errors, omissions, incompleteness, or incorrectness of this document. This article is not and should not be construed as an offer, or a solicitation of an offer, to buy or sell securities and shall not be relied upon as a promise or representation regarding the historical or current position or performance of any of the deals or issues mentioned in it.
