Refinance and restructuring deals accounted for just over half of last year's record $459.84 billion of CLO and CDO issuance. The major collateral groups all posted big gains from 2020, though CRE faltered a bit in the fourth quarter.

The biggest decline in CLO issuance came in refinance and restructuring transactions, where volume fell 26% from the second to the third quarter. Refi CLO activity still accounted for 47% of new issuance. (Includes two data charts.)