KBRA releases a recap of the annual CLO Conference hosted by the Loan Syndications & Trading Association (LSTA) and DealCatalyst, which took place at the Marriott Marquis Hotel in New York on April 27-28, 2026. While 2025 marked a record year for collateralized loan obligation (CLO) issuance, the tone across panels suggested a more cautious outlook for 2026. Participants pointed to moderating issuance expectations, a more fragile technical backdrop, and growing dispersion in credit performance. At the same time, CLO liabilities have continued to perform relatively well, underscoring the resilience of the structure and the importance of active management. Across discussions, a consistent theme emerged: Performance differentiation—across managers, sectors, and tranches—will likely define the current cycle.

In this recap, we provide themes and highlights from select panel sessions, which focused on broadly syndicated loans (BSL), middle market (MM) CLOs, leveraged loans, direct lending, and private credit.

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: 1014723

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