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April 2026

CLO monthly insights 

Access the latest data from U.S. Bank

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May 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 remained steady at 4.38% as Caa bucket levels decreased to 4.17%. Refinancing activity picked back up in April with 28 CLOs refi/resets during the month (92 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.

April warehouse activity:

124 open warehouses in the U.S., down nine from last month
• +9 new warehouses
• -18 warehouses: 16 closed to CLOs, 1 funded a refinance, 1 liquidated

72 open warehouses in Europe, up three from last month

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  • Asset-Backed Alert, March 2026
Best Trustee Award for the fourth consecutive year
  • DealCatalyst U.S. CLO Awards, April 2026
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  • GlobalCapital, May 2026
U.S. Securitization Trustee of the Year
  • GlobalCapital, May 2026

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