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S&P Global Ratings: U.S. CLO Issuance Environment Update

As the close of the second quarter approaches, there continues to be an unprecedented volume of transactions within the U.S. Collateralized Loan Obligation (CLO) market. Already more than double year-to-date, S&P Global Ratings is forecasting new issue CLOs to reach $120 billion for full-year 2021. Along with an increase in the issuance volume of U.S. CLO new issues, resets and refinancings, S&P Global Ratings has seen an increase in the number of outstanding ratings to be surveilled, driven in part by the low number of maturities due to heavy reset volume.

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