Reporting: Chloe Wang Despite headline volatility that pushed spreads wider in April, the CLO market has demonstrated notable resilience and adaptivity, with spreads tightening back toward early-year levels even amid record primary issuance. At such a tight spread level, CLO refinancing options have become increasingly accretive for both managers and equity investors. Many managers have capitalized on this window and extended reinvestment periods for their older vintage deals, better positioning their portfolios to capture future opportunities in an evolving yet constructive credit environment. According to Octus’ CLO data, as of the end of October, reset transactions accounted for $156.9 billion, or 40.1%, of the $391.3 billion in U.S. broadly syndicated loan CLO primary issuance in 2025. In Europe, resets totaled €39.5 billion, or 43.4%, of the €91.05 billion in total primary volume. Komal Shahzad, senior vice president of CLO tranche investing at PineBridge Investments, noted that the ongoing loan refinancing wave has been a key driver of reset momentum this year. “Loans are usually issued with a six-month noncall period,” Shahzad said. “So even though managers have locked in good liability spreads for the next two years of noncall, the underlying loan spreads can compress technically four times through refinancings … Continue reading Portfolio Analytics Wrap: Uncertainty Looms Over 2024 CLO Vintage’s Moneyness for Resets