CLOs ramp to new heights in ’24, new issuance tops US$186bn thanks to bustling November

US CLO new issuance totaled US$25.2bn across 54 vehicles in November, marking the busiest month of the year and the second highest monthly tally on record for the asset class. November of ’21 remains the busiest month ever for CLOs, albeit by a thin margin, at US$25.9bn and 53 vehicles. But even more importantly, this November’s CLO business brings year-to-date issuance to US$186.3bn, an officially new all-time annual record high for the asset class, and with one more month to further grow. Based on historical precedent for December, total CLO issuance for ’24 (excluding refinancings and resets) is forecast to land between US$190bn and US$200bn and surpass 400 vehicles, demoting the reigning ’21 vintage to second place (371 CLOs totaling US$182.7bn). Year-to-date, BSL CLOs account for US$152.4bn or 82% of issuance, while middle market/private credit CLOs have raised US$33.9bn or 18%, with 392 total vehicles issued for an average deal size of approximately US$475m.