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May 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 two basis points as Caa bucket levels increased five basis points to 4.25%. Elevated refinancing activity continues into 2025 with 13 CLOs refi/reset in April (120 refi/resets YTD) as tighter spreads make it advantageous. There were three new loan issuer defaults in April across U.S. Bank trusteed CLOs. The largest default was Pathway Vet Alliance LLC held in 99 CLOs with $691 million of exposure.

April’s warehouse activity picked up:

113 open warehouses, up 2 from last month:
• +13 new warehouses
• -11 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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