May marked the first month this year where U.S. new issue CLO volume outpaced refinancing volume. CLO new issue amounted to $9.8 billion in May, slightly down from the $10.2 billion posted in April, taking 2017 issuance to $37.5 billion. In comparison, refinancing and reset activity dropped in May with refinancings adding $5.1 billion and resets $3.4 billion. Combined year to date refinancing and reset volume through May stands at over $80 billion. Going forward, expectations for the second half of the year are that U.S. CLO refinancing activity will slow down while reset volume will pick up, according to a recent Thomson Reuters LPC CLO survey. The same survey indicates that half of respondents expect full year 2017 new issue CLO volume to exceed $70 billion. In Europe, six new issue CLOs totaling €2.4 billion priced in May, taking year to date volume to €6.7 billion. On the other hand, reset volume decreased to two deals worth €1 billion while refinancings were higher with four deals totaling €1.4 billion. This took 2017 refinancing volume to €5 billion and resets to €6 billion.
Latest news
Q2'26 BDC analysis shows additional 184 bps of nonaccruals at cost
In a universe of 173 business development companies, or BDCs, Octus identified a total of $9.5 billion of debt (at cost) in nonaccrual status reported in the second quarter of 2026, a slight decline of 5% from $10 billion in the first quarter of 2026.
Reading the Board
The story changes depending on which numbers you’re counting.
Private Credit Defaults 101: Different Numbers, Different Stories
In Season 2 of Billions, Bobby Axelrod takes his lawyer Orrin Bach to an empty Yonkers racetrack in the dead of night.