CLO issuance hit a monthly record of $14.7 billion in March as managers overcame uncertainty around the onset of risk retention to finish the quarter in strong fashion. Issuance increased in each month of the quarter and total 1Q15 volume of $29.3 billion even exceeded last year’s first quarter figure of $22.6 billion. 
Investor appetite was robust as AAA spreads averaged around 150bp in March. The new issuance pushed U.S. CLO assets under management to $393 billion as of month-end March. There was also steady new issue activity in Europe as CLO issuance amounted to €3.3 billion during the first quarter, bringing European CLO assets under management to €66.5 billion. CLO creation in both markets helped keep the demand for loan assets above that of the limited new supply in the first quarter, therefore increasing the technical pressures in the loan market.
Contact: Colm Doherty
colm.doherty@thomsonreuters.com
Latest news
PIK Your Next Adventure
Every amended PIK loan hits the same crossroad. Not everyone ends up at the same destination.
Top 50 BDCs Accounted for 75% of Nonaccrual Loan Cost in Q2’26
The 50 largest BDCs, on the basis of total debt investments as of the second quarter of 2026, accounted for 75% of the total aggregate reported value of nonaccrual debt at cost and fair value.
Private Credit Defaults 101: Beyond the Noise
Like any good school year, this series went by fast. But unlike the end of the year, we’re not out for the summer.