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US CLO market sets new quarterly issuance mark at $47.5B

A trio of new-deal pricings on Dec. 1 pushed the U.S. CLO market to a new quarterly issuance record of $47.46 billion, the fourth consecutive period in which managers set a new high mark for deal printing, according to LCD data.

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The $1.32 billion in deals from AIG Asset Management ($510 million), Onex Credit Partners ($400.8 million) and Symphony Asset Management ($406.75 million) elevated the fourth-quarter level above the previous high of $47.05 billion set in the third quarter.

The third-quarter number had unseated the short-lived $43.41 billion record set in the second quarter, which had bested the equally brief $39.76 billion issuance mark from January to March — a figure that was an initial sign of an unprecedented wave of institutional investor demand coming to the market in 2021.

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The total volume of CLO deal issuance in 2021 stands at $177.68 billion from 360 deals through Dec. 1, well surpassing the previous record of $128.86 billion in 2018.

Other records falling this year were the number of managers issuing deals, 122, as well as the large tally of refinancings and resets this year totaling a combined $232.68 billion across 508 deals. The refinancing/reset count is the largest since LCD began tracking repricing activity of outstanding deals in the market in 2016.

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European CLO issuance records have also fallen, including a new annual record of €37.81 billion through Dec. 1.