With the record primary and reset issuance of US CLOs in 2024, combined with numerous liquidations, the reinvestment period profiles of US CLO managers have improved significantly. On average, the percentage of CLO AUM outside of the reinvestment period decreased from 30% as of 31 December 2023 to 19% as of 31 December 2024 for the 80 managers listed in the table below.
Out of the 100 largest US CLO managers, 23 have a highly favourable CLO AUM breakdown by reinvestment period (RP), with less than 1% of their total US CLO AUM outside of RPs. Among the 50 largest managers, only 5 have less than 1% of their total CLO AUM outside of RPs.
Please refer to the table below, which details the year-to-date (YTD) change in US CLO AUM for the 50 largest managers as of September 30, 2024. As of this date, the US CLO market has grown by approximately 2.0% since December 31, 2023. Twelve of them increased their US CLO collateral AUM by over 10%, while four achieved growth of over 20%. Examining the AUM breakdown by reinvestment period (RP), Bain, Elmwood, Redding Ridge, Oak Hill, AGL, Sixth Street, and Generate Advisors show the most favorable RP profiles. Notably, Elmwood and Oak Hill have been particularly active in resetting their seasoned deals.
Please refer to the table below for the comprehensive list of EU CLO managers and their assets under (EU CLO) management (in billions), categorised by reinvestment (RI) period as of 31st December 2023, based on LCD and Intex data.
Please refer to the table below for a list of the 100 US CLO managers and their assets under management (in billions) for US CLOs, broken down by the reinvestment (RI) period as of December 31, 2023.
Among the managers with more than $5 billion in US CLO AUM, Oak Hill, Redding Ridge, Elmwood, AGL, Sixth Street, Irradiant, Oaktree, Ballyrock, and Partners Group all demonstrate favorable reinvestment profiles.
