2025 has been a banner year for CLO issuance, mostly from refinance and reset transactions, but bank investment in the sector declined in the third quarter. (Includes data table.)

CLO reset transaction volume more than doubled from the second quarter to the third to account for 62% of total CLO issuance. New CLO issuance was running about 11% ahead of the pace set in the first nine months of 2024.

Rocket is set to issue its second consumer loan ABS; Golub Capital issues rare long-duration CLO; large jumbo MBS from Chase; ratings performing as expected.

The $510 million deal received a AAA rating from Moody’s Ratings.

While bank call reports showed a small decline in CLO holdings, analysts estimate that CLOs held in loan format were up in the second quarter. (Includes data table.)

ABS sectors including commercial equipment, shipping containers and trucking could experience the biggest negative impacts from rising tariffs, according to S&P.

CLO restructuring and refinance activity fell significantly in the second quarter from the booming levels of the previous six months, but new issuance saw strong growth. (Includes data tables.)

JPMorgan Chase remained the top bank investor in CLO at the end of the first quarter of 2025, though its portfolio was down 10% from the prior period. (Includes data table.)

While new production of CLOs backed by broadly-syndicated loans and middle-market loans fell sharply in the first quarter, issuance of CRE deals increased significantly. Nearly two-thirds of CLO activity were reset transactions. (Includes two data tables.)

Bank holdings of structured finance securities backed by business loans declined slightly in the fourth quarter, although several institutions grew their portfolios. (Includes data table.)