US collateralised loan obligation issuance is on a record year-to-date pace, aided by brisk refinancing and resets, while Cayman Islands vehicles have re-emerged as the preferred domicile for non-US CLO issuers, according to the Maples Group’s latest CLOser market update.
The firm reported about $122.18 billion in new US CLOs from 250 deals through early August, up from $114.59 billion across 243 deals in the same period of 2024. Despite the total, JPMorgan cautioned that net new supply remains “near-anaemic” once liquidations, terminations and re-issuances are considered, the report noted.
Maples said the market digested a brief pause in April amid tariff headlines but rebounded in May and July. Resets have outpaced 2024, with roughly 250 transactions totalling $129.06 billion, giving many deals a “second life” by extending reinvestment and maturity dates, alongside about 146 refinancings totalling $58.58 billion.
On structure and timing, Maples cited a slight lengthening of warehouse periods this year, with CLOs that closed in July averaging about 5.4 months from warehouse open, which is still short by historical standards. The average gap from pricing to closing is a little over 35 days; about 24% of deals closed within 30 days and nearly 10% within 20.
Cayman has regained its footing as the go-to jurisdiction for deals using a non-US issuer, following the period when the territory appeared on the EU anti-money-laundering list. Maples said new formations are coming through Cayman SPVs, and some existing deals launched elsewhere during that period are migrating back when they reset.
Maples’ own mandates mirror the busier market: the firm’s year-to-date refi and reset activity is about 30% higher than in 2024, with a roughly 24% increase in “open” warehouses where it is engaged. The update also notes a shift by some warehouse investors away from preference-share equity toward subordinated debt interests, which may reduce certain regulatory requirements for some investors.
Looking ahead, Maples expects the record-setting trajectory to continue in 2025 if spreads stay relatively tight and collateral remains available.
Cayman Islands listing activity
Stock-exchange listings, seen on roughly 18% to 20% of CLOs, remain limited with the Cayman Islands Stock Exchange leading Euronext Dublin, the firm said.
As of June 30, 2025, 57 CLOs had listed on the Cayman Islands Stock Exchange (CSX), up from 53 during the same period last year. Of these, 68% were Cayman Islands issuers with Delaware co-issuers, 23% were Jersey issuers, 7% Bermudian issuers and 2% Delaware issuers.
Resets and refinancings represented a slight majority of the activity, at 53% of listings, compared with 47% from new issuances. March and June were the busiest months, with 13 and 12 listings, respectively.
Only 7% of CLOs listed their full stack of notes on the CSX in the first half of 2025, while nearly half listed a single tranche and about a third listed two or three tranches. The Maples Group listed 40% of all CSX CLOs in the period, including 41% of Cayman issuers and 54% of Jersey issuers.
According to Maples, about 16% of new issuance CLOs and 8% of refinancing or reset transactions sought a CSX listing for one or more tranches of notes.
