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April 2025

CLO monthly insights 

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This month’s highlights

CLO collateral performance continues to be resilient in the face of tariff uncertainties. Junior OC cushions were flat month-over-month despite Caa bucket levels dropping 40 basis points to 4.20%. Elevated refinancing activity continues into 2025 with 42 CLOs refi/reset in March as tighter spreads make it advantageous. There were six new loan issuer defaults in March, however each were below $150 million in aggregate exposure across U.S. Bank trusteed CLOs. The largest default was Altice France SA held in 325 CLOs.

March’s warehouse activity picked:

111 open warehouses, up 2 from last month:
• +22 new warehouses
• -20 warehouses, all closed CLOs


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