S&P Global Ratings has updated its quarterly lists of the top companies with loan issuances held by U.S. broadly syndicated collateralized loan obligations (BSL CLOs) and the industry categories these companies operate within, both ranked on a dollar-weighted basis. The information is based on the most recent trustee reports available to us as of the end of first-quarter 2023.
Full details of the information are available through our interactive dashboard, by clicking here: https://www.spglobal.com/ratings/en/research-insights/sector-intelligence/interactives/u-s-bsl-clo-top-obligors-and-industries-report -q1-2023. The below image is a preview.
Significance Of The Top 250 CLO Obligors
For the past several years, the top 250 obligors have represented about half of the assets under management across U.S. BSL CLO exposures rated by S&P Global Ratings. Historically, the top 250 obligors have had stronger credit quality, as measured by ratings, relative to the remaining U.S. BSL CLO obligors (the less widely held issuers) we rate.
If the top 250 obligors within U.S. BSL CLOs are treated as a hypothetical portfolio, we can calculate the S&P Global Ratings weighted average rating factor (SPWARF) to indicate the average credit quality of these obligors and compare this to cohorts of lesser-held CLO obligors (i.e., obligors ranked 251 through 500, 501 through 750, etc.). The data show that the top 250 obligors within the CLOs consistently have higher credit quality than the less widely held obligors over time (see chart).
Chart 1
Obligor And Industry Diversification
Table 1 shows the various cohorts of U.S. BSL CLO exposures over recent quarters.
Table 1
| U.S. BSL CLO diversification (%) | ||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Obligors ranked | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 | Q2 2021 | Q1 2021 | Q4 2020 | Q3 2020 | Q2 2020 | Q1 2020 | |||||||||||||||
| Top 10 | 6.27 | 6.39 | 6.44 | 6.45 | 6.57 | 6.43 | 6.52 | 6.78 | 6.89 | 6.88 | 6.59 | 6.30 | 6.04 | |||||||||||||||
| Top 50 | 18.74 | 19.28 | 19.15 | 19.09 | 19.23 | 19.19 | 19.21 | 19.73 | 19.96 | 20.41 | 20.28 | 20.03 | 19.62 | |||||||||||||||
| top 250 | 53.35 | 53.02 | 52.50 | 52.03 | 52.19 | 52.32 | 52.37 | 52.78 | 53.77 | 53.98 | 53.61 | 53.08 | 52.25 | |||||||||||||||
| 251 to 500 | 22.45 | 21.99 | 21.78 | 21.43 | 20.90 | 20.81 | 20.99 | 20.97 | 21.18 | 21.28 | 21.27 | 21.46 | 21.40 | |||||||||||||||
| 501 to 750 | 12.71 | 12.75 | 12.82 | 12.98 | 13.09 | 13.02 | 13.07 | 12.83 | 12.69 | 12.70 | 12.90 | 12.95 | 13.11 | |||||||||||||||
| 751 to 1000 | 7.58 | 7.82 | 7.97 | 8.13 | 8.07 | 8.04 | 7.98 | 8.02 | 7.70 | 7.57 | 7.72 | 7.78 | 7.98 | |||||||||||||||
| 1,001 to 1,250 | 3.27 | 3.65 | 4.00 | 4.34 | 4.31 | 4.33 | 4.17 | 4.14 | 3.66 | 3.75 | 3.72 | 3.92 | 4.23 | |||||||||||||||
| 1,251 to 1,500 | 0.60 | 0.72 | 0.87 | 1.03 | 1.15 | 1.25 | 1.21 | 1.09 | 0.87 | 0.72 | 0.77 | 0.81 | 1.01 | |||||||||||||||
| 1,500+ | 0.04 | 0.05 | 0.06 | 0.05 | 0.29 | 0.24 | 0.22 | 0.18 | 0.12 | 0.00 | 0.00 | 0.00 | 0.01 | |||||||||||||||
| BSL--Broadly syndicated loan. CLO--Collateralized loan obligation. | ||||||||||||||||||||||||||||
Table 2 shows the Global Industry Classification Standard (GICS) industry breakdown of U.S. BSL CLO exposures.
Table 2
| GIC industry breakdown of first-quarter 2023 U.S. BSL CLO exposures | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| GIC industries | U.S. BSL CLO exposures (%) | SPWARF(i) | WAP(i) | WARR (%)(i) | WAS (%)(i) | Negative outlook (%) | CreditWatch negative (%) | |||||||||
| Software | 11.50 | 3215 | 93.01 | 58.46 | 3.86 | 18.75 | 0.75 | |||||||||
| Healthcare providers and services | 6.75 | 3150 | 89.03 | 53.98 | 3.96 | 26.00 | 0.00 | |||||||||
| Hotels, restaurants, and leisure | 5.19 | 2293 | 97.59 | 67.78 | 3.28 | 10.28 | 1.08 | |||||||||
| Media | 4.44 | 2886 | 90.25 | 69.77 | 3.63 | 31.32 | 0.00 | |||||||||
| IT services | 4.44 | 2612 | 93.56 | 59.73 | 3.64 | 13.54 | 0.00 | |||||||||
| Diversified telecommunication services | 4.25 | 2714 | 89.42 | 63.20 | 3.15 | 36.63 | 0.00 | |||||||||
| Capital markets | 4.23 | 2312 | 96.03 | 53.73 | 3.44 | 11.40 | 0.00 | |||||||||
| Machinery | 4.09 | 2879 | 95.96 | 56.17 | 3.75 | 20.10 | 0.00 | |||||||||
| Commercial services and supplies | 3.51 | 2770 | 94.36 | 63.93 | 3.76 | 15.08 | 0.00 | |||||||||
| Chemicals | 3.20 | 2723 | 94.77 | 63.14 | 3.73 | 12.79 | 0.00 | |||||||||
| Insurance | 2.82 | 2752 | 98.11 | 53.07 | 3.47 | 0.00 | 0.00 | |||||||||
| Specialty retail | 2.66 | 2444 | 95.09 | 59.03 | 3.65 | 15.91 | 0.00 | |||||||||
| Professional services | 2.64 | 2637 | 95.99 | 60.05 | 3.62 | 18.52 | 0.00 | |||||||||
| Trading companies and distributors | 2.58 | 2747 | 95.94 | 54.36 | 3.33 | 9.14 | 0.72 | |||||||||
| Containers and packaging | 2.36 | 3004 | 94.77 | 57.16 | 3.71 | 10.14 | 0.00 | |||||||||
| Health care technology | 2.14 | 3575 | 94.13 | 65.61 | 3.94 | 8.58 | 0.00 | |||||||||
| Building products | 1.90 | 2541 | 93.88 | 55.25 | 3.48 | 0.01 | 0.00 | |||||||||
| Entertainment | 1.81 | 2576 | 94.72 | 64.75 | 3.38 | 1.05 | 0.00 | |||||||||
| Food products | 1.54 | 2840 | 95.38 | 59.16 | 3.46 | 17.10 | 0.00 | |||||||||
| Diversified consumer services | 1.51 | 2955 | 93.73 | 56.68 | 3.81 | 7.47 | 0.00 | |||||||||
| Construction and Engineering | 1.47 | 2932 | 96.36 | 53.29 | 3.95 | 33.72 | 0.00 | |||||||||
| Aerospace and defense | 1.44 | 2781 | 96.76 | 57.26 | 3.70 | 16.13 | 0.00 | |||||||||
| Life sciences tools and services | 1.39 | 2450 | 96.50 | 53.98 | 3.25 | 13.64 | 0.00 | |||||||||
| Auto components | 1.37 | 2813 | 94.41 | 58.37 | 3.95 | 8.99 | 0.00 | |||||||||
| Pharmaceuticals | 1.21 | 2526 | 94.40 | 62.40 | 3.35 | 10.35 | 0.00 | |||||||||
| Oil, gas, and consumable fuels | 1.17 | 1927 | 98.34 | 68.58 | 3.62 | 7.57 | 0.00 | |||||||||
| Airlines | 1.16 | 2448 | 99.13 | 75.03 | 3.61 | 0.00 | 0.00 | |||||||||
| Road and rail | 1.16 | 1939 | 98.12 | 65.88 | 3.14 | 2.98 | 0.00 | |||||||||
| Electronic equipment, instruments, and components | 0.97 | 2794 | 94.46 | 58.00 | 3.81 | 5.55 | 0.00 | |||||||||
| Household durables | 0.96 | 2736 | 89.51 | 57.52 | 3.49 | 47.35 | 0.69 | |||||||||
| Interactive media and services | 0.96 | 2481 | 96.72 | 61.60 | 3.64 | 0.53 | 0.00 | |||||||||
| Healthcare equipment and supplies | 0.88 | 3458 | 91.33 | 56.70 | 4.02 | 15.99 | 0.00 | |||||||||
| Project finance: power | 0.85 | 2335 | 92.16 | 74.57 | 4.33 | 14.10 | 13.06 | |||||||||
| Communications equipment | 0.80 | 4072 | 85.03 | 60.97 | 3.99 | 5.62 | 0.00 | |||||||||
| Textiles, apparel, and luxury goods | 0.63 | 2635 | 93.33 | 64.19 | 4.31 | 10.73 | 0.00 | |||||||||
| Electrical equipment | 0.58 | 2999 | 96.74 | 54.02 | 3.45 | 6.41 | 0.00 | |||||||||
| Semiconductors and semiconductor equipment | 0.58 | 1616 | 98.65 | 55.96 | 3.06 | 0.80 | 1.12 | |||||||||
| Wireless telecommunication services | 0.57 | 2875 | 96.04 | 61.51 | 3.85 | 0.00 | 0.00 | |||||||||
| Leisure products | 0.57 | 2624 | 93.00 | 57.67 | 3.63 | 10.87 | 0.00 | |||||||||
| Independent power and renewable electricity producers | 0.54 | 1907 | 98.61 | 89.71 | 2.89 | 13.25 | 0.00 | |||||||||
| Metals and mining | 0.52 | 2958 | 93.38 | 57.31 | 4.04 | 48.06 | 0.00 | |||||||||
| Transportation infrastructure | 0.52 | 2404 | 99.02 | 68.33 | 3.24 | 0.00 | 0.00 | |||||||||
| Personal products | 0.51 | 3282 | 93.15 | 67.82 | 3.79 | 38.44 | 0.00 | |||||||||
| Construction materials | 0.50 | 1871 | 98.69 | 49.05 | 3.34 | 0.00 | 0.00 | |||||||||
| Beverages | 0.48 | 3494 | 83.61 | 56.42 | 3.52 | 67.21 | 0.00 | |||||||||
| Electric utilities | 0.48 | 1698 | 98.40 | 72.54 | 3.08 | 19.55 | 0.00 | |||||||||
| Air freight and logistics | 0.47 | 3193 | 92.62 | 52.34 | 4.39 | 28.32 | 0.00 | |||||||||
| Mortgage real estate investment trusts (REITs) | 0.47 | 1581 | 90.87 | 3.16 | 61.43 | 0.00 | ||||||||||
| Distributors | 0.45 | 3386 | 93.23 | 50.76 | 4.76 | 6.67 | 0.00 | |||||||||
| Internet and direct marketing retail | 0.34 | 3291 | 79.58 | 54.74 | 4.08 | 14.10 | 0.00 | |||||||||
| Real estate management and development | 0.31 | 1986 | 92.68 | 55.73 | 3.37 | 36.01 | 0.00 | |||||||||
| Food and staples retailing | 0.29 | 2277 | 95.34 | 67.96 | 3.77 | 14.05 | 0.00 | |||||||||
| Household products | 0.25 | 3357 | 98.29 | 65.99 | 3.09 | 22.84 | 56.34 | |||||||||
| Biotechnology | 0.25 | 2541 | 97.43 | 67.47 | 2.90 | 0.78 | 0.00 | |||||||||
| Gas utilities | 0.23 | 1234 | 99.04 | 60.00 | 3.75 | 0.00 | 0.00 | |||||||||
| Automobiles | 0.20 | 1806 | 96.88 | 63.64 | 3.14 | 35.08 | 0.00 | |||||||||
| Technology hardware, storage, and peripherals | 0.19 | 2639 | 92.26 | 55.58 | 4.66 | 20.07 | 6.26 | |||||||||
| Energy equipment and services | 0.13 | 2340 | 97.12 | 72.93 | 4.32 | 0.00 | 0.00 | |||||||||
| Project finance: oil and gas | 0.11 | 2221 | 94.49 | 68.11 | 3.64 | 21.52 | 0.00 | |||||||||
| Thrifts and mortgage finance | 0.10 | 1788 | 97.11 | 85.70 | 3.22 | 1.82 | 0.00 | |||||||||
| Paper and forest products | 0.10 | 2426 | 96.50 | 54.03 | 5.04 | 27.61 | 0.00 | |||||||||
| Equity REITs | 0.08 | 1960 | 99.11 | 79.78 | 1.85 | 2.01 | 0.00 | |||||||||
| Water utilities | 0.07 | 3610 | 98.05 | 60.00 | 5.75 | 0.00 | 0.00 | |||||||||
| Multiline retail | 0.06 | 3613 | 70.55 | 48.33 | 4.77 | 19.94 | 0.00 | |||||||||
| Consumer finance | 0.02 | 2158 | 85.00 | 95.00 | 4.00 | 0.00 | 0.00 | |||||||||
| Banks | 0.01 | 279 | 1.17 | 0.00 | 0.00 | |||||||||||
| Industrial Conglomerates | 0.00 | 3124 | 95.00 | 4.75 | 0.00 | 0.00 | ||||||||||
| Marine | 0.00 | 5751 | 97.48 | 7.75 | 0.00 | 0.00 | ||||||||||
| BSL--Broadly syndicated loan. CLO--Collateralized loan obligation. GIC--Global Industry Classification. SPWARF--S&P Global Ratings' weighted average rating factor. WAP--Weighted average price. WARR--Weighted average recovery rating. WAS--Weighted average spread. | ||||||||||||||||
The Top 50 CLO Obligors
Table 3 shows the top 50 obligors for U.S. BSL CLO transactions. Click the following link to download the full ranked list of U.S. BSL CLO exposures: https://disclosure.spglobal.com/ratings/en/regulatory/article/-/view/sourceId/101575898.
Table 3
| Top 50 obligors held in U.S. BSL CLOs (first-quarter 2023) | ||||||||
|---|---|---|---|---|---|---|---|---|
| Rank | Top 50 obligors held In U.S. BSL CLOs | GIC Code | Broader Sector | |||||
| 1 | Liberty Global PLC | Diversified communication services | Communication services | |||||
| 2 | Altice Europe N.V. | Diversified communication services | Communication services | |||||
| 3 | Asurion Group Inc. | IT services | Information technology | |||||
| 4 | Altice USA Inc. | Media | Communication services | |||||
| 5 | Medline Borrower L.P. | Healthcare providers and services | Health Care | |||||
| 6 | TransDigm Inc. | Aerospace and defense | Industrials | |||||
| 7 | Lumen Technologies Inc. | Diversified communication services | Communication services | |||||
| 8 | athenahealth Group Inc | Health care technology | Health care | |||||
| 9 | Peraton Corp. | IT services | Information technology | |||||
| 10 | Ineos Ltd. | Chemicals | Materials | |||||
| 11 | Acrisure Holdings Inc. | Insurance | Financials | |||||
| 12 | UKG Inc. | Software | Information technology | |||||
| 13 | Endeavor Group Holdings Inc. | Entertainment | Communication services | |||||
| 14 | United Airlines Holdings Inc. | Airlines | Industrials | |||||
| 15 | McAfee Corp. | Software | Information technology | |||||
| 16 | Volt Parent, LP | Independent power and renewable electricity producers | Utilities | |||||
| 17 | AssuredPartners Inc. | Insurance | Financials | |||||
| 18 | Atlas Ontario LP | Commercial services and supplies | Industrials | |||||
| 19 | Inspire Brands Inc. | Hotels, restaurants, and leisure | Consumer discretionary | |||||
| 20 | Micro Holding Corp. | Software | Information technology | |||||
| 21 | American Airlines Group Inc. | Airlines | Industrials | |||||
| 22 | Front Range Bidco, Inc. | Diversified communication services | Communication services | |||||
| 23 | Univision Communications Inc. | Media | Communication services | |||||
| 24 | Amentum Holdings LLC | Construction and engineering | Industrials | |||||
| 25 | Radiate Holdco LLC | Diversified communication services | Communication services | |||||
| 26 | Authentic Brands Group LLC | Media | Communication services | |||||
| 27 | CoreLogic Inc. | Professional services | Industrials | |||||
| 28 | Sedgwick L.P. | IT services | Information technology | |||||
| 29 | Flutter Entertainment PLC | Hotels, restaurants, and leisure | Consumer discretionary | |||||
| 30 | Brookfield WEC Holdings Inc. | Electrical equipment | Industrials | |||||
| 31 | Air Medical Holdings LLC | Healthcare providers and services | Health Care | |||||
| 32 | Osmosis Holdings L.P. | Machinery | Industrials | |||||
| 33 | Brookfield Corporation | Road and rail | Industrials | |||||
| 34 | Polaris Parent LLC | Health care technology | Health Care | |||||
| 35 | Brown Bidco Ltd. | Transportation infrastructure | Industrials | |||||
| 36 | Gen Digital Inc. | Software | Information technology | |||||
| 37 | Hub International Ltd. | Insurance | Financials | |||||
| 38 | EG Group Ltd. | Specialty retail | Consumer discretionary | |||||
| 39 | Verscend Holding II Corp. | Health care technology | Health care | |||||
| 40 | Great Outdoors Group LLC | Specialty retail | Consumer discretionary | |||||
| 41 | Clarios Global L.P. | Auto components | Consumer discretionary | |||||
| 42 | Quikrete Holdings Inc. | Construction Materials | Materials | |||||
| 43 | Caesars Entertainment Inc. | Hotels, restaurants, and leisure | Consumer discretionary | |||||
| 44 | Citadel Securities L.P. | Capital markets | Financials | |||||
| 45 | Open Text Corp. | Software | Information technology | |||||
| 46 | Nouryon Cooperatief U.A. | Chemicals | Materials | |||||
| 47 | Amwins Group Inc. | Insurance | Financials | |||||
| 48 | Balboa Intermediate Holdings LLC | Software | Information technology | |||||
| 49 | CDK Global Inc. | Software | Information technology | |||||
| 50 | Gainwell Holding Corp. | IT services | Information technology | |||||
| BSL--Broadly syndicated loan. CLO--Collateralized loan obligation. GIC--Global Industry Classification. | ||||||||
Appendix: SPWARF
The SPWARF of a CLO portfolio provides an indication of the portfolio's overall credit rating distribution, weighted by each asset's par balance. The rating factor for each portfolio asset is determined by S&P Global Rating's credit rating (or implied rating) and the rating factors shown in the table below. The SPWARF is the sum of the product of each collateral obligation's par balance and the S&P Global Ratings rating factor (given the derived S&P Global Ratings credit ratings, including the nonperforming 'CC', 'SD' [selective default], and 'D' ratings), divided by the aggregate principal balance of the collateral obligations included in the calculation for the portfolio. The S&P Global Ratings rating factor of an individual asset is the five-year default rate, given its S&P Global Ratings credit rating and the default table in the Corporate CDO criteria, multiplied by 10,000.
| S&P Global Ratings' rating factor scale | |
|---|---|
| Rating | S&P Global Ratings' rating factor |
| AAA | 14 |
| AA+ | 27 |
| AA | 46 |
| AA- | 64 |
| A+ | 99 |
| A | 146 |
| A- | 200 |
| BBB+ | 271 |
| BBB | 361 |
| BBB- | 540 |
| BB+ | 785 |
| BB | 1234 |
| BB- | 1565 |
| B+ | 1982 |
| B | 2860 |
| B- | 3610 |
| CCC+ | 4641 |
| CCC | 5293 |
| CCC- | 5751 |
| CC | 10000 |
| SD | 10000 |
| D | 10000 |
Weighted average recovery rate (WARR)
For a subset of U.S. BSL CLO exposures with an S&P Global Ratings recovery rating, the WARR is the sum product of each asset's recovery rate (the number within parenthesis to the right of the recovery rating) and the asset's par exposure as a percentage of the sum of the par of the subset of assets. For more details on S&P Global Ratings' recovery ratings, see "Recovery Rating Criteria For Speculative-Grade Corporate Issuers," published Dec. 7, 2016.
Weighted average price (WAP)
For a subset of U.S. BSL CLO exposures with loan prices, the WAP is the sum product of each asset's price at the end of the quarter and the asset's par exposure as a percentage of the sum of the par of the subset of assets.
Weighted average spread (WAS)
For a subset of floating-rate assets, the WAS is the sum product of each asset's nominal spread above the base rate and the asset's par exposure as a percentage of the sum of the par of the subset of assets.
Related Research
This report does not constitute a rating action.
| Primary Credit Analysts: | Daniel Hu, FRM, New York + 1 (212) 438 2206; daniel.hu@spglobal.com |
| Vijesh MV, Pune; Vijesh.MV@spglobal.com | |
| Secondary Contact: | Jimmy N Kobylinski, New York + 1 (212) 438 6314; jimmy.kobylinski@spglobal.com |
| CLO Sector Lead: | Stephen A Anderberg, New York + (212) 438-8991; stephen.anderberg@spglobal.com |
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