CLO Weekly Wrap: US Market Breaks Issuance Records with 2024 New Issue Volume Breaking $192 Billion

Reporting: Hugh Minch New issue U.S. CLO volume for 2024 reached $192.5 billion last week, inching ahead of the $191 billion priced in 2021 to make this a record-breaking year for the market, according to Octus’ data. While activity last week was truncated by the Thanksgiving holiday, no time was wasted in the first three days of the week which saw $6.3 billion new issuance, $5.6 billion resets and $1.8 billion CLO refinancings. Last week’s new issuance can be viewed in the table below: Liability spreads also broke year-to-date records, with the latest new issue deal from GoldenTree placing its senior triple-A notes at SOFR+ 127 bps, the tightest level seen in 2024. Its transaction, GoldenTree Loan Management US CLO 23, priced via Morgan Stanley in partnership with Bank of America and Wells Fargo at $497.9 million. Spreads also tightened further down the CLO stack. BlackRock’s latest offering Magnetite CLO XLI, priced via Royal Bank of Canada with double-Bs paying just 490 bps, the first five-year reinvestment CLO this year to break through the 500 bps barrier, according to Octus’ data. As for resets, last week saw the first foray of managers into reworking their late 2023 vintage transactions. Blackstone’s[...]