KopenTech Year End CLO Review
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With the 2023 behind us, we review the CLO market major trends:
10% decrease YOY in US CLO BWIC Volumes
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AAAs dominate trading
AAA tranches constitute 53% of US BWIC volumes
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Equity trading increased by 27% YOY
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Junior mezzanine continues to show higher turnover
BBBs and BBs are most liquid based on turnover relative to their size
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Most liquid managers
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DNT rates decrease for AAA/BBB/BB tranches
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BWICs as a % of TRACE have similar trajectory
![](/wp-content/uploads/2024/01/7-1024x546.png)
Price dispersion increases
BB prices range almost 50 points
![](/wp-content/uploads/2024/01/8-1024x582.png)
Lower IG tranche basis soars
New issue spread basis widens between A and BBB
![](/wp-content/uploads/2024/01/9-1024x582.png)
Equity IRRs 38% higher YOY
![](/wp-content/uploads/2024/01/10-1024x582.png)
Total issuance down 12% YOY; Refis and Resets return
![](/wp-content/uploads/2024/01/11-1024x583.png)
New Issue AAA spreads tightening up
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A significant portion of deals with AAAs below current market levels
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Longer dated transactions take up 86% of total issuance
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2023 top issuers & arrangers
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