KopenTech Year End CLO Review

Primary issuance skyrockets in 2021

2021 top ten Issuers and Arrangers

New Issue AAA Spreads:
Reinvestment end > 3 years

TRACE volume of $140 Bn falls short of 2020 record

Most liquid tranches: BBs with 17% and BBBs with 14% of trading
AAAs are 39% of BWICs while being 60% of capital structure

CLO equity trading with $3.7 Bn is double of 2020

30% of IG trades occur via BWICs and 17% for HY

Most traded & liquid managers
Weighted by AUM, most traded managers are not the most liquid

CLO 2021 equity IRRs: 13% average & 12.5% median

Long-dated deals increase over short-dated

Deals with ESG language increase