KBRA releases research examining trends across the structured credit landscape. Structured credit and collateralized loan obligation (CLO) issuance volume has remained strong in 2025 despite a choppy macroeconomic environment. After a brief tariff-driven risk-off in the spring that stalled a handful of deals and pushed CLO spreads wider, primary activity reaccelerated throughout the summer on the back of robust demand and heavy reset/refi volumes. By Q3, U.S. broadly syndicated loan (BSL) CLO AAAs tested the mid-120-basis point (bp) range but hovered modestly wider as supply ebbed and flowed. While tariff headlines initially clouded full-year (FY) issuance expectations, global new issue CLO volume of $184 billion through month-end August suggests that a healthy pace has been maintained. Momentum also improved through the summer for private credit (PC) and middle market (MM) CLOs, led by sizable upsized resets and steady new prints from various direct lending platforms. Pricing remains at a premium to BSLs—consistent with the lack of secondary liquidity for MM loans—but has benefited from similar technical tailwinds such as increased demand from exchange-traded funds (ETF) and institutional investors.
In this report, we provide an overview of the overall structured credit market, including new issue deal volume, benchmark spread levels, notable activity, and other trends through Q3 2025. In addition, we provide a recap of KBRA’s year-to-date (YTD) 2025 rating and surveillance activity.
Click here to view the report.
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About KBRA
KBRA, one of the major credit rating agencies, is registered in the U.S., EU, and the UK. KBRA is recognized as a Qualified Rating Agency in Taiwan, and is also a Designated Rating Organization for structured finance ratings in Canada. As a full-service credit rating agency, investors can use KBRA ratings for regulatory capital purposes in multiple jurisdictions.
Doc ID: 1011778
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Contacts
Sean Malone, Senior Managing Director, Co-Head of Global Structured Credit
+1 646-731-2436
sean.malone@kbra.com
Gabriele Gramazio, Senior Director
+44 20 8148 1001
gabriele.gramazio@kbra.com
Eric Hudson, Senior Managing Director, Co-Head of Global Structured Credit
+1 646-731-3320
eric.hudson@kbra.com
Yee Cent Wong, Senior Managing Director, Lead Analytical Manager, Structured Finance Ratings
+1 646-731-2374
yee.cent.wong@kbra.com
Media Contact
Adam Tempkin, Senior Director of Communications
+1 646-731-1347
adam.tempkin@kbra.com
Business Development Contact
Jason Lilien, Senior Managing Director
+1 646-731-2442
jason.lilien@kbra.com
