CLO refinancings fail to materialize in challenging market
Source: Creditflux, Debtwire Par
New CLO (collateralized loan obligation) issuance has held up well amid a backdrop of challenges in the leveraged loan market this year ranging from persistently high levels of inflation, to the ongoing war in Ukraine and rising interest rates. At USD 124.7bn through November, new CLO issuance has slipped 28% from this time last year, compared to the institutional leveraged loan market where issuance has deteriorated 70% year over year.