July CLO roundup: New managers, structural innovation, and a changing secondary market

The Fourth of July weekend in the US marks the traditional start of the “summer lull” in the CLO market, and this year was no different, at least in the US.

According to Alt Credit Intelligence data, US CLO issuance fell by more than a third compared with June’s total, as managers and investors took a well-needed break following a frenzied first half of the year. No new US CLOs priced in the week following the Independence Day holiday, although issuance