Since the Federal Reserve kicked off its rate hike campaign last March, the “when-one-door-closes-another-one-opens” dynamic of the broadly syndicated loan and private credit markets has been displayed in the CLO universe. Year-over-year, in the year-to-date through September, BSL CLO volume has fallen 33% while private credit CLO issuance has doubled, according to Citi Research. To put a finer point on it, private credit CLO YTD volume is tracking 40% ahead of its full-year 2022 volume.