Welcome to our latest Appleby report which provides data, insight and analysis on the global Collateralised Loan Obligation (CLO) market.
This CLO report principally focuses on US CLO deal activity during the first six months of 2014, and reflects how this compares and contrasts with previous periods. During this time 119 deals priced during the period, with issuance pushing well ahead of even last year's busy first half.
There are a number of key themes that emerge from the statistics:
- There was USD63.2bn of issuance in the first six months of 2014, surpassing the previous half year period by USD22bn.
- Average deal size was USD531m, an increase of 14% over the second half of 2013, and 12% more than the full year average for 2013 (USD473m).
- The top ten deals by value for the first half of the year represented 15% of the value for all deals for the period. Average deal size for this group was USD927m.
- The average AAA spread for deals closed between January and June 2014 was 149bps, compared to 143bps for the previous period.
- A core set of Arrangers continue to dominate the CLO market, with Citigroup leading the ranking for the six month period, closing 18 deals valued at USD9bn.
We do hope that you find our analysis on the following pages useful. Certainly we continue to see robust issuance for CLOs going forward; the market is flourishing and the Appleby pipeline is well-fuelled through to 2015.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
