Assets maturing in 2024 and 2025 necessitate more immediate attention, and to some extent, those maturing in 2026 do as well. As of 16 October 2023, approximately EUR 1.4 billion of assets maturing in 2024 were quoted below a 98 price. Similarly, around EUR 6.1 billion of assets maturing in 2025 were quoted below the 98 price.
Drawing upon EU CLOs from 2013-2022, the underlying collateral maturities for 2024 have witnessed a YTD decline of 67%, a figure attributable to refinancing and extension activities, as well as the redemption of CLOs.
The table below offers a detailed breakdown of the reduction in 2024 and 2025 maturities, categorised by manager. Fifteen managers decreased their 2024 and 2025 maturities by at least EUR 0.5 billion each, collectively contributing to a EUR 12.4 billion reduction.
Coincidentally, based on US BSL CLOs from 2012-2022, 2024 underlying collateral maturities experienced a decline of 71%, attributable to the redemption of CLOs, as well as refinancing and extension activities.
The table in this article shows the US BSL CLO asset maturity wall as well as asset notional amounts in CLO deals, segmented by different current WAL test cushions.
The table in this article shows the US MM CLO asset maturity wall as well as asset notional amounts in CLO deals, segmented by different current WAL test cushions.
