Tag Archives: Primary Issuance

Please find the download link below for the interactive US primary and reset CLO issuance arranger and manager league tables. Users can customise the analysis by selecting the relevant date windows and deal types, with the arranger and manager rankings updating automatically based on the chosen criteria. Generally speaking, resets could offer substantial benefits to both debt and equity investors. From a debt perspective, a reset resembles a significant prepayment event, with all debt tranches prepaid at par. Lower mezzanine tranche investors, in particular, typically favour deals with a higher likelihood of being reset, as it provides a safeguard similar to an effective insurance policy. For underperforming deals, lower mezzanine tranches with low MVOCs might trade at a discount, even in strong loan markets. A reset pulls these tranches back to par, thereby mitigating losses. Equity investors could also derive considerable value from resets.

Please find the download link below for the interactive primary CLO issuance arranger and manager league tables. Users can customise the analysis by selecting the relevant date windows, currency, and deal type, with the arranger and manager rankings updating automatically based on the chosen criteria.

New EU CLO issuance rose by around 24% year on year to approximately EUR 60 billion in 2025, building on...

2025 is on course to be another record-breaking year. This article explores some of the key ingredients behind strong primary issuance.

As shown in the table below, it is hardly surprising that a robust underlying loan market, coupled with many CLOs...

As illustrated in the table below, it is unsurprising that when the underlying loan market was strong, more CLO deals were liquidated, institutional loan issuance increased—providing additional collateral assets for CLO creation—and demand for CLOs grew as investors became more optimistic about the credit outlook. Combined with a higher interest rate environment and greater demand for floating-rate assets, these factors contributed to a record-breaking year for new issue CLO volume in 2024.