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June 2025

CLO monthly insights 

Access the latest data from U.S. Bank

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This month’s highlights

CLO collateral performance continues to be resilient in the face of economic uncertainties. Junior OC cushions were down six basis points as Caa bucket levels remained level with April’s 4.25%. Elevated refinancing activity continues into 2025 with 10 CLOs refi/reset in May (130 refi/resets YTD) as tighter spreads make it advantageous. There were five new loan issuer defaults in May across U.S. Bank trusteed CLOs. The largest default was Naked Juice LLC held in 341 CLOs with $268 million of exposure.

May’s warehouse activity picked up:

127 open warehouses, up 14 from last month:
• +26 new warehouses
• -12 warehouses, all closed into CLOs


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Named Best CLO Trustee and U.S. CLO Trustee of the Year
We’re excited to share that U.S. Bank has been awarded Best CLO Trustee at this year’s DealCatalyst U.S. CLO Awards as well as U.S. CLO Trustee of the Year at this year’s GlobalCapital US Securitization Awards. Thank you to our partners and clients for your continuous support and our dedicated team for making this possible, and congratulations to all the winners.

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Industry leadership built on partnership

Ranked No. 1 Global CLO Trustee
  • Asset-Backed Alert, March 2025
Best Trustee Award for the third consecutive year
  • DealCatalyst U.S. CLO Awards, April 2025
U.S. CLO Trustee of the Year for the fifth consecutive year
  • GlobalCapital, May 2025

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