9fin combines crucial data and market-leading coverage in a single AI-native platform. And each issue of our newsletter, The Memo, features a chart of the week — generated with 9fin data to bring our top-rated coverage to life.
This week’s chart comes from our US CLO primary wrap — for your free copy, email us at marketing@9fin.com
What does the data tell us?
The positive momentum in the US CLO market showed no sign of slowing as summer drew to a close.
Eight five-year reinvestment period US CLOs priced last week with senior triple-As printing at SOFR+120bps, after only three such instances occurred in July.
Triple-As and double-Bs have not tightened all the way back to the historical tights the market experienced in January, which were around S+115bps for triple-As, and inside of S+450bps for double-Bs.
This report was written by head of CLO data journalism Charlie Dinning, who analysed 9fin's proprietary data from across the US CLO market. Short extract below.
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In the third week of August, US BSL CLO new issuance reached $4.8bn, according to 9fin data, which is the third highest weekly volumes for new issues all year. Only the second week of February, and the second week of March, were busier this year, 9fin data shows.
Total US BSL CLO issuance in this same period came to just over $11bn, and was the fifth busiest week for US CLOs this year. That’s far from the summer slowdown we were expecting.
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