Private credit ·
September CLO issuance: $41.1bn US, with middle-market CLOs at a 2026 high of $6.8bn across 15 deals
US BSL deals were $34.3bn across 77; new issuance fell to $13.8bn as refinancings and resets dominated. Europe rose to €10.7bn with no middle-market deals for a second month. AAA spreads tightened in both markets.
Why it matters for deal teams: MM CLOs are the main term financing for direct-lending books. Strong MM issuance means more warehouses to ramp and more compliance tests to run on private loans.
Source: Trepp ↗