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October 2025

CLO monthly insights 

Access the latest data from U.S. Bank

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This month’s highlights

BSL Junior OC cushions improved two basis points to 4.55% as Caa bucket levels stayed steady at 4.53%. Elevated refinancing activity continues into 2025 with 43 CLOs refi/reset in September (262 refi/resets YTD), the highest monthly total since March, as tighter spreads make it advantageous. There were five new loan issuer defaults in September (prior to First Brands default) across U.S. Bank trusteed BSL CLOs with the largest being Kleopatra Finco with $61 million of exposure across 152 CLOs.

September’s warehouse remained steady:

131 open warehouses in the U.S., down five from last month
• +15 new warehouses
• -20 warehouses: all closed to CLOs
58 open warehouses in Europe, up five from last month

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