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December 2024

CLO monthly insights 

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This month’s highlights

CLO collateral performance continues to show strength. Junior OC cushions increased slightly in November as Caa bucket levels dropped six basis points to 5.07%. Refinancing activity continues at a record pace with 24 in November and eight thus far in December for a total of 301 year to date as tighter spreads make it advantageous. There were four new loan issuer defaults in November, however each were below $100 million in aggregate exposure across U.S. Bank trusteed CLOs.

December’s warehouse activity was as follows:

100 open warehouses, up eight from last month:

• +20 new warehouses
• -12 warehouses
•  11 closed to CLOs
•  1 funded upsized refis


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