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.
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PE exit activity
Exit value fell to $102.6 billion in the second quarter—down 46.3% from the prior quarter and 7.4% YoY—while exit count dropped to 353, a 14.1% quarterly decline and a 5.4% rise against Q2 2025.
US BSL and MM CLO Performance Held Stable in July 2026
In July 2026, portfolio credit quality in reinvesting Fitch-rated U.S. BSL CLOs remained broadly stable from June. Net portfolio losses held at 0.5%. The Fitch weighted average rating factor also held at 23.1. The Fitch weighted average recovery rate declined slightly by 0.1%, while the weighted average spread fell by 0.01%.
