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January 2026

CLO monthly insights 

Access the latest data from U.S. Bank

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This month’s highlights

CLO collateral performance finished the year strong despite emerging credit issues in auto, consumer and chemical sectors. BSL Junior OC cushions declined four basis points to 4.48% as Caa bucket levels declined to 4.55%. Elevated refinancing activity continues with 26 CLOs refi/reset in December (362 refi/resets in 2025), as tighter spreads make it advantageous. There were three new loan issuer defaults in December across U.S. Bank trusteed BSL CLO, the largest was New Fortress Energy, which had $159 million in exposure across 89 deals.

December warehouse activity:

125 open warehouses in the U.S., down seventeen from last month
• +10 new warehouses
• -27 warehouses: 26 closed to CLOs, 1 merged with another warehouse

68 open warehouses in Europe, up three from last month

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