(Editor's Note: On March 7, 2024, we republished this article to include an interactive dashboard that provides a deep dive into our list of the top obligors held by U.S. BSL CLOs and the industries they operate in.)
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 fourth-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/us-bsl-clo-top-obligors-and-industries-report- q4-2023. 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 (obligors ranked 251 through 500, 501 through 750, etc.). The data show that over time the top 250 obligors within the CLOs consistently have higher credit quality than the less widely held obligors (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 | 04 2023 | Q3 2023 | Q2 2023 | 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 | 6.29 | 6.32 | 6.39 | 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 | 19.02 | 18.95 | 19.19 | 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 | 54.22 | 54.16 | 53.99 | 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 | 22.12 | 22.31 | 22.13 | 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 | 12.83 | 12.70 | 12.67 | 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 1,000 | 7.47 | 7.41 | 7.54 | 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 | 2.82 | 2.87 | 3.08 | 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 | 0.49 | 0.51 | 0.54 | 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+ | 0.05 | 0.04 | 0.04 | 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 3
| GIC industry breakdown of U.S. BSL CLO exposures (fourth-quarter 2023) | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| GIC industries | U.S. BSL CLO exposures (%) | SPWARF(i) | WAP(i) | WARR (%)(i) | WAS (%)(i) | Negative outlook (%) | CreditWatch negative (%) | |||||||||
| Software | 11.37 | 3,231 | 96.30 | 58.00 | 3.74 | 16.86 | 1.10 | |||||||||
| Health care providers and services | 6.40 | 3,279 | 92.12 | 54.50 | 3.95 | 24.10 | 2.48 | |||||||||
| Hotels, restaurants, and leisure | 5.18 | 2,115 | 99.35 | 67.98 | 3.22 | 10.81 | 1.43 | |||||||||
| Media | 4.62 | 2,860 | 92.27 | 72.03 | 3.67 | 26.60 | 0.00 | |||||||||
| Capital markets | 4.58 | 2,333 | 98.45 | 51.24 | 3.48 | 19.48 | 1.00 | |||||||||
| IT services | 4.31 | 2,687 | 95.96 | 58.53 | 3.73 | 16.30 | 0.00 | |||||||||
| Diversified telecommunication services | 4.06 | 3,056 | 91.80 | 63.57 | 3.09 | 24.25 | 10.91 | |||||||||
| Machinery | 3.83 | 2,810 | 99.15 | 55.89 | 3.67 | 16.69 | 0.00 | |||||||||
| Chemicals | 3.77 | 2,971 | 95.86 | 62.03 | 3.91 | 32.74 | 1.14 | |||||||||
| Commercial services and supplies | 3.16 | 2,767 | 96.88 | 64.71 | 3.82 | 16.33 | 0.00 | |||||||||
| Professional services | 3.04 | 2,643 | 98.40 | 60.38 | 3.65 | 26.08 | 0.00 | |||||||||
| Specialty retail | 2.95 | 2,455 | 95.20 | 58.03 | 3.64 | 40.90 | 0.00 | |||||||||
| Insurance | 2.95 | 2,700 | 100.02 | 52.94 | 3.52 | 0.00 | 0.00 | |||||||||
| Trading companies and distributors | 2.75 | 2,780 | 98.81 | 55.01 | 3.39 | 6.99 | 1.49 | |||||||||
| Containers and packaging | 2.19 | 2,991 | 97.33 | 58.06 | 3.70 | 13.79 | 0.00 | |||||||||
| Health care technology | 2.03 | 3,570 | 97.47 | 65.43 | 4.02 | 31.01 | 0.00 | |||||||||
| Entertainment | 1.95 | 2,279 | 99.01 | 65.01 | 3.34 | 2.39 | 4.93 | |||||||||
| Building products | 1.82 | 2,667 | 98.69 | 56.90 | 3.56 | 4.10 | 0.06 | |||||||||
| Diversified consumer services | 1.68 | 2,824 | 97.65 | 55.64 | 3.91 | 2.07 | 0.00 | |||||||||
| Construction and engineering | 1.52 | 2,858 | 99.21 | 55.52 | 4.01 | 8.81 | 0.00 | |||||||||
| Automobile components | 1.50 | 2,720 | 98.16 | 58.41 | 4.15 | 12.29 | 0.00 | |||||||||
| Food products | 1.48 | 2,914 | 95.92 | 58.73 | 3.57 | 21.08 | 0.00 | |||||||||
| Life sciences tools and services | 1.44 | 2,791 | 98.55 | 54.36 | 3.40 | 10.93 | 0.00 | |||||||||
| Oil, gas, and consumable fuels | 1.33 | 1,914 | 99.99 | 66.31 | 3.62 | 22.72 | 0.00 | |||||||||
| Aerospace and defense | 1.30 | 2,837 | 98.81 | 54.89 | 3.80 | 23.78 | 0.00 | |||||||||
| Ground transportation | 1.15 | 1,882 | 99.31 | 65.19 | 3.09 | 34.19 | 0.00 | |||||||||
| Pharmaceuticals | 1.12 | 2,418 | 96.93 | 58.63 | 3.49 | 7.87 | 0.00 | |||||||||
| Passenger airlines | 1.09 | 1,948 | 100.36 | 75.88 | 3.59 | 0.00 | 0.00 | |||||||||
| Electronic equipment, instruments, and components | 1.00 | 2,936 | 97.52 | 57.98 | 3.91 | 20.04 | 0.00 | |||||||||
| Interactive media and services | 0.93 | 2,498 | 99.13 | 61.92 | 3.63 | 2.09 | 0.00 | |||||||||
| Household durables | 0.87 | 2,821 | 95.54 | 57.06 | 3.46 | 22.39 | 0.00 | |||||||||
| Health care equipment and supplies | 0.84 | 3,573 | 94.38 | 57.33 | 4.06 | 27.12 | 0.00 | |||||||||
| Project finance: power | 0.81 | 2,342 | 96.15 | 74.28 | 4.34 | 10.40 | 0.00 | |||||||||
| Communications equipment | 0.67 | 3,818 | 88.63 | 63.06 | 4.33 | 50.67 | 0.00 | |||||||||
| Independent power and renewable electricity producers | 0.62 | 1,703 | 100.03 | 90.93 | 2.98 | 12.32 | 0.00 | |||||||||
| Leisure products | 0.61 | 2,429 | 97.59 | 57.45 | 3.54 | 41.48 | 0.00 | |||||||||
| Metals and mining | 0.60 | 2,829 | 97.99 | 60.06 | 4.16 | 36.46 | 0.19 | |||||||||
| Wireless telecommunication services | 0.60 | 2,584 | 98.24 | 65.54 | 3.76 | 23.51 | 0.00 | |||||||||
| Transportation infrastructure | 0.56 | 2,409 | 99.98 | 58.42 | 3.59 | 0.00 | 0.00 | |||||||||
| ELECTRICAL equipment | 0.56 | 3,028 | 99.24 | 52.51 | 3.41 | 0.97 | 0.00 | |||||||||
| Semiconductors and semiconductor equipment | 0.56 | 1,675 | 99.03 | 57.16 | 2.87 | 1.66 | 0.00 | |||||||||
| Electric utilities | 0.51 | 1,887 | 98.92 | 74.00 | 3.12 | 13.74 | 0.00 | |||||||||
| Air freight and logistics | 0.51 | 3,321 | 94.44 | 53.27 | 4.42 | 8.14 | 0.00 | |||||||||
| Mortgage real estate investment trusts (REITs) | 0.50 | 1,710 | 98.43 | 42.02 | 3.17 | 42.14 | 0.00 | |||||||||
| Textiles, apparel, and luxury goods | 0.48 | 2,567 | 96.13 | 70.61 | 4.26 | 20.25 | 0.00 | |||||||||
| Construction materials | 0.47 | 1,774 | 100.27 | 49.45 | 3.21 | 0.00 | 0.00 | |||||||||
| Personal care products | 0.43 | 3,174 | 96.84 | 64.04 | 4.35 | 39.10 | 2.50 | |||||||||
| Biotechnology | 0.42 | 1,813 | 99.98 | 66.47 | 2.74 | 0.77 | 0.00 | |||||||||
| Beverages | 0.41 | 3,428 | 95.46 | 56.81 | 3.52 | 15.92 | 0.00 | |||||||||
| Real estate management and development | 0.41 | 1,952 | 95.30 | 61.83 | 3.56 | 17.12 | 0.00 | |||||||||
| Distributors | 0.31 | 3,479 | 92.25 | 46.61 | 4.85 | 67.59 | 0.00 | |||||||||
| Consumer staples distribution and retail | 0.28 | 2,287 | 97.63 | 74.32 | 3.90 | 28.48 | 0.00 | |||||||||
| Gas utilities | 0.22 | 1,234 | 100.14 | 60.00 | 3.74 | 0.00 | 0.00 | |||||||||
| Automobiles | 0.20 | 1,809 | 99.52 | 63.15 | 2.97 | 0.60 | 0.00 | |||||||||
| Technology hardware, storage, and peripherals | 0.18 | 2,680 | 93.19 | 54.64 | 4.57 | 15.64 | 0.08 | |||||||||
| Broadline retail | 0.12 | 1,782 | 89.93 | 53.14 | 3.27 | 11.53 | 0.00 | |||||||||
| Project finance: oil and gas | 0.12 | 2,230 | 97.26 | 66.43 | 3.64 | 20.13 | 0.00 | |||||||||
| Energy equipment and services | 0.11 | 2,386 | 97.46 | 66.21 | 4.29 | 0.00 | 0.00 | |||||||||
| Water utilities | 0.11 | 3,610 | 99.79 | 57.17 | 5.48 | 0.00 | 0.00 | |||||||||
| Paper and forest products | 0.10 | 2,609 | 96.93 | 54.19 | 5.01 | 69.06 | 0.00 | |||||||||
| Household products | 0.09 | 2,897 | 99.81 | 67.08 | 3.21 | 0.00 | 0.00 | |||||||||
| Specialized REITs | 0.05 | 1,544 | 99.76 | 72.62 | 1.75 | 0.00 | 0.00 | |||||||||
| Consumer finance | 0.05 | 2,163 | 95.50 | 66.99 | 4.96 | 16.90 | 0.00 | |||||||||
| Hotel and resort REITs | 0.05 | 2,667 | 100.03 | 94.41 | 2.75 | 0.00 | 0.00 | |||||||||
| Industrial conglomerates | 0.04 | 3,377 | 90.30 | 58.91 | 3.81 | 91.28 | 0.00 | |||||||||
| Banks | 0.02 | 193 | - | 1.14 | 0.00 | 0.00 | ||||||||||
| Multi-utilities | 0.01 | 1,982 | 99.63 | - | 3.25 | 0.00 | 0.00 | |||||||||
| RMBS, home equity loans, home equity lines of credit, tax lien, and manufactured housing | 0.00 | 202 | - | - | 1.22 | 0.00 | 0.00 | |||||||||
| Diversified REITs | 0.00 | 1,918 | 87.26 | 90.06 | 2.82 | 98.97 | 0.00 | |||||||||
| Retail REITs | 0.00 | 1,234 | - | 5.00 | - | 100.00 | 0.00 | |||||||||
| Health care REITs | 0.00 | 4,460 | - | 92.52 | - | 0.00 | 0.00 | |||||||||
| Office REITs | 0.00 | 331 | - | - | - | 0.00 | 0.00 | |||||||||
| Industrial REITs | 0.00 | 146 | - | - | - | 0.00 | 0.00 | |||||||||
| Marine transportation | 0.00 | 3,610 | 98.00 | - | 7.75 | 0.00 | 0.00 | |||||||||
| Tobacco | 0.00 | 271 | - | - | - | 0.00 | 0.00 | |||||||||
| Total | 100.00 | 2,758 | 96.78 | 60.23 | 3.66 | 18.35 | 1.04 | |||||||||
| GIC--Global Industry Classification. BSL--Broadly syndicated loan. CLO--Collateralized loan obligation. SPWARF--S&P Global Ratings' weighted average rating factor. WAP--Weighted average price. WARR--Weighted average recovery rating. WAS--Weighted average spread. REITs--Real estate investment trusts. | ||||||||||||||||
The Top 50 CLO Obligors
Table 3 shows the top 50 obligors for U.S. BSL CLO transactions. Click this link to download the full ranked list of U.S. BSL CLO exposures.
Table 3
| Top 50 obligors held in U.S. BSL CLOs (fourth-quarter 2023) | ||||||||
|---|---|---|---|---|---|---|---|---|
| Rank | Top 50 obligors held In U.S. BSL CLOs | GIC code | Broader sector | |||||
| 1 | Liberty Global PLC | Diversified telecommunication services | Communication services | |||||
| 2 | Altice Europe N.V. | Media | Communication services | |||||
| 3 | Asurion Group Inc. | IT services | Information technology | |||||
| 4 | Altice USA Inc. | Media | Communication services | |||||
| 5 | Ineos Ltd. | Chemicals | Materials | |||||
| 6 | Medline Borrower L.P. | Health care providers and services | Health care | |||||
| 7 | Peraton Corp. | IT services | Information technology | |||||
| 8 | TransDigm Inc. | Aerospace and defense | Industrials | |||||
| 9 | UKG Inc. | Software | Information technology | |||||
| 10 | Endeavor Group Holdings Inc. | Entertainment | Communication services | |||||
| 11 | Lumen Technologies Inc. | Diversified telecommunication services | Communication services | |||||
| 12 | Acrisure Holdings Inc. | Insurance | Financials | |||||
| 13 | athenahealth Group Inc | Health care technology | Health care | |||||
| 14 | Volt Parent, LP | Independent power and renewable electricity producers | Utilities | |||||
| 15 | Atlas Ontario LP | Commercial services and supplies | Industrials | |||||
| 16 | McAfee Corp. | Software | Information technology | |||||
| 17 | AssuredPartners Inc. | Insurance | Financials | |||||
| 18 | Micro Holding Corp. | Software | Information technology | |||||
| 19 | Univision Communications Inc. | Media | Communication services | |||||
| 20 | United Airlines Holdings Inc. | Passenger airlines | Industrials | |||||
| 21 | American Airlines Group Inc. | Passenger airlines | Industrials | |||||
| 22 | Front Range Bidco, Inc. | Diversified telecommunication services | Communication services | |||||
| 23 | Nouryon Cooperatief U.A. | Chemicals | Materials | |||||
| 24 | Amentum Holdings LLC | Construction and engineering | Industrials | |||||
| 25 | Brookfield WEC Holdings Inc. | Electrical equipment | Industrials | |||||
| 26 | Inspire Brands Inc. | Hotels, restaurants and leisure | Consumer discretionary | |||||
| 27 | Brookfield Corporation | Ground transportation | Industrials | |||||
| 28 | Balboa Intermediate Holdings LLC | Software | Information technology | |||||
| 29 | CoreLogic Inc. | Professional services | Industrials | |||||
| 30 | Restaurant Brands International Inc. | Hotels, restaurants, and leisure | Consumer discretionary | |||||
| 31 | Brown Bidco Ltd. | Transportation infrastructure | Industrials | |||||
| 32 | Belron Group S.A. | Diversified consumer services | Consumer discretionary | |||||
| 33 | Amwins Group Inc. | Insurance | Financials | |||||
| 34 | Polaris Parent LLC | Health care technology | Health care | |||||
| 35 | Osmosis Holdings L.P. | Machinery | Industrials | |||||
| 36 | Howden Group Holdings Ltd. | Insurance | Financials | |||||
| 37 | Flutter Entertainment PLC | Hotels, restaurants and leisure | Consumer discretionary | |||||
| 38 | Sedgwick L.P. | IT services | Information technology | |||||
| 39 | SS&C Technologies Holdings Inc. | Software | Information technology | |||||
| 40 | New Boost Holdco, LLC | Software | Information technology | |||||
| 41 | Authentic Brands Group LLC | Media | Communication services | |||||
| 42 | Great Outdoors Group LLC | Specialty retail | Consumer discretionary | |||||
| 43 | Quikrete Holdings Inc. | Construction materials | Materials | |||||
| 44 | Citadel Securities L.P. | Capital markets | Financials | |||||
| 45 | Gainwell Holding Corp. | IT services | Information technology | |||||
| 46 | Cornerstone Building Brands Inc. | Building products | Industrials | |||||
| 47 | Radiate Holdco LLC | Diversified telecommunication services | Communication services | |||||
| 48 | Focus Financial Partners Inc. | Capital markets | Financials | |||||
| 49 | Verscend Holding II Corp. | Health care technology | Health care | |||||
| 50 | Hunter Douglas Finance B.V. | Household durables | Consumer discretionary | |||||
| 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 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 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 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 | 1,234 |
| BB- | 1,565 |
| B+ | 1,982 |
| B | 2,860 |
| B- | 3,610 |
| CCC+ | 4,641 |
| CCC | 5,293 |
| CCC- | 5,751 |
| CC | 10,000 |
| SD | 10,000 |
| D | 10,000 |
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 Analyst: | Daniel Hu, FRM, New York + 1 (212) 438 2206; daniel.hu@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 |
| Research Contributors: | Vijesh MV, CRISIL Global Analytical Center, an S&P affiliate, Mumbai |
| Shivani Singh, Pune; shivani.singh3@spglobal.com |
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