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.

The Commercial Real Estate Finance Council launched a tool this week to standardize performance reporting for commercial collateralized loan obligations.

Issuance of commercial MBS in 2025 is poised to surpass last year’s volume. It’s been a strong year for CMBS across asset types except office space.

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.)

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.)

Refinance and reset activity accounted for 56% of the record $532 billion of CLO issued last year, including a number of deals restructured for the second or third time. (Includes two data tables.)

A whopping $91.6 billion of existing CLO deals were reset and refinanced during the third quarter, lifting year-to-date volume to $184.8 billion. While issuance of new CLO deals is also up strongly from 2023, third-quarter volume was down.