Who Owns U.S. CLO Securities? Accessible Data

Figure 1: U.S. CLOs Outstanding (in $ billions)

Date CLOs Outstanding ($ billions)
2006Q1 145,074.0
2006Q2 167,269.6
2006Q3 208,676.4
2006Q4 214,494.8
2007Q1 233,512.4
2007Q2 265,836.8
2007Q3 281,135.9
2007Q4 291,360.4
2008Q1 295,844.3
2008Q2 300,748.3
2008Q3 301,874.0
2008Q4 308,296.9
2009Q1 309,723.2
2009Q2 308,160.8
2009Q3 304,408.3
2009Q4 299,148.2
2010Q1 293,340.8
2010Q2 289,137.5
2010Q3 285,141.6
2010Q4 279,549.2
2011Q1 273,899.6
2011Q2 268,386.7
2011Q3 266,362.2
2011Q4 263,986.1
2012Q1 256,747.7
2012Q2 258,103.6
2012Q3 264,878.0
2012Q4 280,283.9
2013Q1 297,854.5
2013Q2 296,775.9
2013Q3 298,339.3
2013Q4 307,621.3
2014Q1 323,394.1
2014Q2 338,570.4
2014Q3 366,665.6
2014Q4 388,000.9
2015Q1 411,835.6
2015Q2 434,276.8
2015Q3 437,789.5
2015Q4 447,662.6
2016Q1 448,825.8
2016Q2 457,106.1
2016Q3 458,061.8
2016Q4 476,785.2
2017Q1 478,406.3
2017Q2 493,862.8
2017Q3 511,283.2
2017Q4 541,053.2
2018Q1 548,829.9
2018Q2 583,539.8
2018Q3 595,616.3
2018Q4 616,944.5

Source: SIFMA.

Return to text

Figure 2: Life Stages of a Typical U.S. CLO

Figure 2 shows the “life stages” of a typical U.S. CLO over a timeline of five years. The “ramp-up period” stretches from the beginning of the timeline to the nine-month mark. The “no-call period” covers two and a half years, from the six-month mark to the end of the third year. The “reinvestment period” stretches for four years, from the six-month mark to the four-and-a-half-year mark.

Return to text

Figure 3: U.S. CLOs in the TIC Data

Figure 3 shows the movements of capital related to U.S. CLOs that are captured by the TIC reporting system. For a typical U.S. CLO, securities that are issued out of the Cayman Islands and sold to U.S. investors are captured on the TIC SHC(A) as U.S. claims on the Cayman Islands. The underlying U.S. loans that are sold to the CLO-issuer (the special purpose entity resident in the Cayman Islands) are captured on the TIC BL2 as U.S. liabilities to the Cayman Islands.

Return to text

Last Update: November 08, 2019