Wed 01/31/2024 17:36 PM
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CLOs are repaying a record amount of principal to their triple-A investors on each quarterly payment date. Around $12 billion was repaid at the triple-A level in October and it is estimated that $20 billion was repaid in January. But because of the timing of the refi wave just after the January determination date for CLOs, the figure for April could balloon to $40 or $50 billion, according to market sources.

Roughly 40% of the CLO market had exited its reinvestment period by...
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