CLO Weekly: 2026 YTD Issuance Package

Research evidence excerpt

J P M O R G A N

Global Securitized Products

Research

10 August 2026

CLO Weekly

2026 YTD Issuance Package

Click here for our usual issuance and pricing file.

Last week, US CLO ETFs had +$1084mm of inflows, which included +

$679mm of inflows from the largest CLO ETF player. This compares to the

weekly average of +$328mm US CLO ETF inflows over the last year. US CLO

ETF AUM now totals $60.8bn (4.8% of the US CLO market size) compared

to $42.8bn at this time last year ($18bn YoY rise).

Last week, 31 Global CLOs priced for $15.3bn (10 US new issue for $5.2bn

and 11 US refi/reset/re-issue for $5.6bn and 4 Euro new issue for €1.6bn and

6 Euro refi/reset/re-issue for €2.3bn).

Month-to-date, 21 US CLOs (BSL & PC/MM) have priced totaling $10.8bn

(10/$5.2bn new issue and 11/$5.6bn refi/reset/re-issue) and 12 Euro CLOs

have priced totaling €5.0bn (4/€1.6bn new issue and 8/€3.4bn refi/reset/reissue).In July, 112 US CLOs priced totaling $45.4bn (30/$13.2bn new and 82/

$32.1bn refi/reset/re-issue) and 36 Euro CLOs priced totaling €14.5bn (13/

€5.4bn new and 23/€9.1bn refi/reset/re-issue).

Year-to-date, 653 US CLOs (BSL & PC/MM) have priced totaling $280.4bn

(214/$99.8bn new issue and 439/$180.5bn refi/reset/re-issue) and 191 Euro

CLOs have priced totaling €75.3bn (91/€37.4bn new issue and 100/€37.9bn

refi/reset/re-issue).This compares to 695 US CLOs (BSL & PC/MM) totaling

$316.3bn (261/$125.8bn new issue and 434/$190.5bn refi/reset/re-issue) and

165 Euro CLOs totaling €68.2bn (92/€40.1bn new issue and 73/€28.0bn refi/

reset/re-issue) for the same time period last year.

The US BSL CLO Arbitrage is currently 121bp, based on JPM BB/B Loan

Index Spread minus the weighted average spread of CLO debt. The CLO Arb

worsened in the last week (-7bp w/w), as CLO Spreads tightened (-1bp w/w)

and loan spreads tightened (-9bp w/w). The current CLO Arb (121bp)

compares to average 125bp in the last 1 month and average 111bp in the last

1 year.(Figure 5).

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The European CLO Arbitrage is currently 174bp, based on JPM Euro Loan

Index Spread minus the weighted average spread of European CLO debt. The

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