Global CLO Issuance Reached Record Levels in 2021, Fitch Ratings Reports

According to Fitch Ratings, issuance of CLOs in the U.S. and Europe surged to record levels last year. Fitch’s latest research report shows credit quality improvement and refinancing activity also hit a record high in 2021. The rating agency has given CLOs a neutral performance outlook, based on factors such as portfolio credit quality and a favorable market environment. Analysts believe the spike in U.S. issuance volumes was likely influenced by managers pricing new deals ahead of LIBOR’s cessation.

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