Why the CLO Market Has Remained So Resilient

The panel reflects on the remarkable resilience of CLO issuance through COVID, inflation, and geopolitical shocks. David Altenhofen credits strong underlying collateral performance, the locked-in funding structure of CLO technology, and increasing manager dispersion. Shiloh Bates highlights how natural buyers emerge when loans trade at discounts and how post-COVID pull-to-par dynamics generated strong equity returns. Peter Polanskyj adds that the absence of a true fundamental credit crisis, combined with persistent demand for spread, has underpinned continued issuance. The session closes with thanks to the audience.