Steady CLO issuance, refinancing pace expected; securitized secondary trading volume thin

By Cristal Cody

Tupelo, Miss., Sept. 5 – CLO new issue and refinancing/reset activity is expected to be steady in September and for the remainder of the year, according to market sources.

Year to date, U.S. new issue volume totals about $62 billion, while more than $117 billion of refinanced and reset vintage CLOs have priced, sources report.

New euro-denominated CLO supply year to date totals about €10 billion. More than €17 billion of CLOs have been refinanced or reset in 2017.

So far in the new month, secondary trading has been thin.

Secondary trading was negligible on Tuesday following the holiday weekend, according to a market source.

Trading action in the securitized market also was too small to register on Friday, according to Trace data.

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