Table of Content

1. Executive Summary


2. Introduction

2.1 Collateralized Loan Obligation (CLO): An Overview
2.1.1 Introduction of Collateralized Loan Obligation (CLO)
2.1.2 Advantages and Disadvantages of Collateralized Loan Obligation
2.1.3 CLO Timeline
2.1.4 Certain Investor Considerations for CLO Investments
2.1.5 CLO Refinancing/Resets/Re-issues

2.2 Collateralized Loan Obligation Segmentation: An Overview
2.2.1 Collateralized Loan Obligation Segmentation


3. Global Market Analysis

3.1 Global CLO Market: An Analysis

3.1.1 Global CLO Market: An Overview
3.1.2 Global CLO Market by Value
3.1.3 Global CLO Market by Sectors (Technology, Healthcare, Services, Financial, Industrials, Housing, Food & Beverages, Paper & Packaging, Transportation, Automotive, and Others)
3.1.4 Global CLO Market by Rating (AAA, AA-BBB, and BB-Equity)
3.1.5 Global CLO Market by Region (The US and Europe)

3.2 Global CLO Market: Sectors Analysis

3.2.1 Global CLO Market by Sectors: An Overview
3.2.2 Global Technology CLO Market by Value
3.2.3 Global Healthcare CLO Market by Value
3.2.4 Global Services CLO Market by Value
3.2.5 Global Financial CLO Market by Value
3.2.6 Global Industrials CLO Market by Value
3.2.7 Global Housing CLO Market by Value
3.2.8 Global Food & Beverages CLO Market by Value
3.2.9 Global Paper & Packaging CLO Market by Value
3.2.10 Global Transportation CLO Market by Value
3.2.11 Global Automotive CLO Market by Value
3.2.12 Global Others CLO Market by Value


4. Regional Market Analysis

4.1 The US CLO Market: An Analysis

4.1.1 The US CLO Market: An Overview
4.1.2 The US CLO Market by Value
4.1.3 The US CLO Market by Rating (AAA, AA, A, BBB, BB, B, and Equity)
4.1.4 The US AAA-Rated CLO Market by Investor Base (Bank, Asset Manager, Insurance & Pension, and Hedge Fund)
4.1.5 The US AA-BBB-Rated CLO Market by Investor Base (Asset Manager, Insurance & Pension, Hedge Fund, and Others)
4.1.6 The US BB-B-Rated CLO Market by Investor Base (Asset Manager, Insurance & Pension, Hedge Fund, and Others)
4.1.7 The US Equity CLO Market by Investor Base (Asset Manager, Insurance & Pension and Hedge Fund)
4.1.8 The US CLO BWIC Market by Value
4.1.9 The US CLO BWIC Market by Rating (AAA, AA, A, BBB, BB, B, and Equity)
4.1.10 The US CLO BWIC Market by Type (IG, Non-IG, and EQ)
4.1.11 The US CLO BWIC Market Type by Value
4.1.12 The US CLO Market by Issuance

4.2 Europe CLO Market: An Analysis

4.2.1 Europe CLO Market: An Overview
4.2.2 Europe CLO Market by Value
4.2.3 Europe CLO BWIC Market by Value
4.2.4 Europe CLO BWIC Market by Type (IG, Non-IG, and EQ)
4.2.5 Europe CLO BWIC Market Type by Value
4.2.6 Europe CLO Market by Issuance


5. Impact of COVID-19

5.1 Impact of COVID-19 on Global CLO Market
5.2 Post COVID-19 Impact on Global CLO Market


6. Market Dynamics

6.1 Growth Drivers
6.1.1 Growing Leveraged Loan Market
6.1.2 Growing Private Debt
6.1.3 Increase in TRACE Trading
6.1.4 Narrowing Bid/Ask Spread
6.1.5 High Comparative Risk-adjusted Returns
6.1.6 Low Default Rates
6.1.7 Favorable Government Regulations
6.1.8 Diversification Benefits
6.1.9 Increasing Risk Appetite and Investor Confidence

6.2 Challenges
6.2.1 Economic Policy Uncertainty
6.2.2 Liquidity Risk
6.2.3 Complexity and Understanding

6.3 Market Trends
6.3.1 Increasing Exposure to SOFR Loans
6.3.2 Increasing Adoption of Innovative Technologies
6.3.3 Rising Demand for ESG-Compliant CLOs
6.3.4 Globalization of CLO Market
6.3.5 Innovation in CLO Structure
6.3.6 Growing Focus on Middle Market


7. Competitive Landscape

7.1 Global CLO Market Players: Competitive Analysis
7.2 Global CLO Market Players by Asset under Management


8. Company Profiles

8.1 Morgan Stanley (Eaton Vance)
8.1.1 Business Overview
8.1.2 Operating Segments
8.1.3 Business Strategy

8.2 Prudential Financial, Inc.
8.2.1 Business Overview
8.2.2 Operating Segments
8.2.3 Business Strategy

8.3 BlackRock, Inc.
8.3.1 Business Overview
8.3.2 Operating Regions
8.3.3 Business Strategy

8.4 Apollo Global Management, Inc.
8.4.1 Business Overview
8.4.2 Operating Segments
8.4.3 Business Strategy

8.5 Ares Management Corporation
8.5.1 Business Overview
8.5.2 Operating Segments
8.5.3 Business Strategy

8.6 MassMutual (Barings LLC)
8.6.1 Business Overview
8.6.2 Operating Segments
8.6.3 Business Strategy

8.7 Conning, Inc. (Octagon Credit Investors, LLC.)
8.7.1 Business Overview
8.7.2 Business Strategy

8.8 HPS Investment Partners, LLC
8.8.1 Business Overview
8.8.2 Business Strategy

8.9 Brigade Capital Management, LP
8.9.1 Business Overview
8.9.2 Business Strategy

8.10 Neuberger Berman
8.10.1 Business Overview
8.10.2 Business Strategy

8.11 CIFC Asset Management LLC
8.11.1 Business Overview
8.11.2 Business Strategy

8.12 Blackstone Inc.
8.12.1 Business Overview
8.12.1 Business Strategy

List of Figures

Figure 1: Advantages and Disadvantages of Collateralized Loan Obligation
Figure 2: CLO Timeline
Figure 3: Collateralized Loan Obligation Segmentation
Figure 4: Global CLO Market by Value; 2018-2022 (US$ Trillion)
Figure 5: Global CLO Market by Value; 2023-2028 (US$ Trillion)
Figure 6: Global CLO Market by Sectors; 2022 (Percentage, %)
Figure 7: Global CLO Market by Rating; 2022 (Percentage, %)
Figure 8: Global CLO Market by Region; 2022 (Percentage, %)
Figure 9: Global Technology CLO Market by Value; 2018-2022 (US$ Billion)
Figure 10: Global Technology CLO Market by Value; 2023-2028 (US$ Billion)
Figure 11: Global Healthcare CLO Market by Value; 2018-2022 (US$ Billion)
Figure 12: Global Healthcare CLO Market by Value; 2023-2028 (US$ Billion)
Figure 13: Global Services CLO Market by Value; 2018-2022 (US$ Billion)
Figure 14: Global Services CLO Market by Value; 2023-2028 (US$ Billion)
Figure 15: Global Financial CLO Market by Value; 2018-2022 (US$ Billion)
Figure 16: Global Financial CLO Market by Value; 2023-2028 (US$ Billion)
Figure 17: Global Industrials CLO Market by Value; 2018-2022 (US$ Billion)
Figure 18: Global Industrials CLO Market by Value; 2023-2028 (US$ Billion)
Figure 19: Global Housing CLO Market by Value; 2018-2022 (US$ Billion)
Figure 20: Global Housing CLO Market by Value; 2023-2028 (US$ Billion)
Figure 21: Global Food & Beverages CLO Market by Value; 2018-2022 (US$ Billion)
Figure 22: Global Food & Beverages CLO Market by Value; 2023-2028 (US$ Billion)
Figure 23: Global Paper & Packaging CLO Market by Value; 2018-2022 (US$ Billion)
Figure 24: Global Paper & Packaging CLO Market by Value; 2023-2028 (US$ Billion)
Figure 25: Global Transportation CLO Market by Value; 2018-2022 (US$ Billion)
Figure 26: Global Transportation CLO Market by Value; 2023-2028 (US$ Billion)
Figure 27: Global Automotive CLO Market by Value; 2018-2022 (US$ Billion)
Figure 28: Global Automotive CLO Market by Value; 2023-2028 (US$ Billion)
Figure 29: Global Others CLO Market by Value; 2018-2022 (US$ Billion)
Figure 30: Global Others CLO Market by Value; 2023-2028 (US$ Billion)
Figure 31: The US CLO Market by Value; 2018-2022 (US$ Billion)
Figure 32: The US CLO Market by Value; 2023-2028 (US$ Trillion)
Figure 33: The US CLO Market by Rating; 2022 (Percentage, %)
Figure 34: The US AAA-Rated CLO Market by Investor Base; 2022 (Percentage, %)
Figure 35: The US AA-BBB-Rated CLO Market by Investor Base; 2022 (Percentage, %)
Figure 36: The US BB-B-Rated CLO Market by Investor Base; 2022 (Percentage, %)
Figure 37: The US Equity CLO Market by Investor Base; 2022 (Percentage, %)
Figure 38: The US CLO BWIC Market by Value; 2018-2023 (US$ Billion & Percentage, %)
Figure 39: The US CLO BWIC Market by Rating; 2022 (Percentage, %)
Figure 40: The US CLO BWIC Market by Type; 2022 (Percentage, %)
Figure 41: The US CLO BWIC Market Type by Value; 2018-2023 (US$ Billion)
Figure 42: The US CLO Market by Issuance; 2018-2023 (US$ Billion)
Figure 43: Europe CLO Market by Value; 2018-2022 (US$ Billion)
Figure 44: Europe CLO Market by Value; 2023-2028 (US$ Billion)
Figure 45: Europe CLO BWIC Market by Value; 2018-2023 (US$ Billion & Percentage, %)
Figure 46: Europe CLO BWIC Market by Type; 2022 (Percentage, %)
Figure 47: Europe CLO BWIC Market Type by Value; 2018-2023 (US$ Billion)
Figure 48: Europe CLO Market by Issuance; 2018-2023 (US$ Billion)
Figure 49: Global Leveraged Loan Market Size; 2017-2023 (US$ Trillion)
Figure 50: The US Private Debt as a Percentage of GDP; 2000-2022 (Percentage, %)
Figure 51: The US TRACE Trading Volume as a Percentage of CLO Market; 2018-2022 (Percentage, %)
Figure 52: The US CLO AAA Bid/Ask Spread; 2020-2023 (Basis Points, bps)
Figure 53: Global CLO Efficiency Ratio; 2023 (Return per unit of Risk)
Figure 54: Global Economic Policy Uncertainty Index; 2022-2023 (Index)
Figure 55: The US CLO Collateral Exposure to SOFR Loans; 2022-2023 (Percentage, %)
Figure 56: Morgan Stanley Net Revenues by Segment; 2022 (Percentage, %)
Figure 57: Prudential Financial, Inc. Revenues by Segment; 2022 (Percentage, %)
Figure 58: BlackRock, Inc. Revenue by Region; 2022 (Percentage, %)
Figure 59: Apollo Global Management, Inc. Revenue by Segment; 2022 (Percentage, %)
Figure 60: Ares Management Corporation Revenue by Segment; 2022 (Percentage, %)
Figure 61: MassMutual Revenue by Segment; 2022 (Percentage, %)
Table 1: The US Tranche Defaults; 2023
Table 2: Global CLO Market Players by Asset under Management