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April 2026

CLO monthly insights 

Access the latest data from U.S. Bank

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This month’s highlights

CLO collateral continues to perform in line with expectations, despite headline risk and geopolitical uncertainty. BSL Junior OC cushions declined one basis point to 4.38% as Caa bucket levels decreased to 4.21%. Refinancing activity slowed slightly in March but continues to be elevated with 14 CLOs refi/resets during the month (63 CLOs YTD), as tighter spreads make it advantageous. There were three new loan issuer defaults of negligible size in March across U.S. Bank trusteed BSL CLOs.

March warehouse activity:

133 open warehouses in the U.S., down 11 from last month
• +15 new warehouses
• -26 warehouses: 24 closed to CLOs, 2 liquidated

69 open warehouses in Europe, down one from last month

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