US CLO Senior AAA Flows: Net Q2 Supply by Manager
Despite the fast pace of primary CLO issuance in Q2 2024, the net senior AAA supply for BSL CLOs was...
Despite the fast pace of primary CLO issuance in Q2 2024, the net senior AAA supply for BSL CLOs was...
Due to the slower pace of amortization during the post-reinvestment period, net senior AAA supply for EU CLOs was positive in Q2-to-date, contrasting with US BSL counterparts. Despite these differing supply dynamics, senior AAA spreads tightened by approximately 13 bps and 16 bps for top-tier US CLO and EU CLO managers, respectively, during this period.
The picture of the senior AAA flows of EU CLOs is quite different from their US counterparts, due to much slower amortization rates during the post-reinvestment period.
With less than a week remaining, it appears that the net supply for senior AAA tranches of US BSL CLOs...
As shown in the graph in this freemium article, with the 4-week moving average loan spread now firmly staying below the 400 bps mark, the current top-tier US BSL CLO AAA print increasingly appears cheap relative to historical prints. If you’re an investor in the CLO market, we would like to invite you to register with us using your business email address to gain free access to our freemium content.
Please refer to the tables below for historical new issue pricing data of US MM CLO AAA–BBB across various market conditions.
