2023 proved a steady year for global CLO issuance, with 403 CLOs for law firms to win mandates on, despite the relative lack of repricings and routine complaints that the “arb doesn’t work”. 

Allen & Overy, Cadwalader, Dechert, Paul Hastings and Milbank all claimed top spots across European and US (BSL and MM) markets with respect to counsel for arrangers and managers.

2024 looks set to be busy but the CLO market will also have to navigate a plethora of regulation in the US and Europe, with several lawyers telling 9fin of upcoming final rules due this year. 

Not all is bad news though as this could mean UK investors are more easily able to invest in US CLOs and US banks get lower-risk weighted asset charges for triple-As. More details below.