CLO Listing Update 2025: Cayman Islands Stock Exchange and Euronext Dublin

Cayman Islands Stock Exchange CLO Listing Update

As of 31 December 2025, 102 CLOs have listed on the Cayman Islands Stock Exchange (“CSX”), comprising new issuances, refinancings and resets. The total number of CLOs listed on the CSX in 2025 is down slightly from last year, when 134 CLOs listed on the CSX during 2024.

Of these 102 new CLO listings in 2025:

• 74% (75) were by Cayman Islands issuers with Delaware co-issuers;
• 18% (18) were by Jersey issuers with Delaware co-issuers;
• 6% (6) were by Bermudian issuers with Delaware co-issuers; and
• 3% (3) were by Delaware issuers.

Of the 102 CLO listings on the CSX this year, resets and refinancings listed on the CSX at the same rate as new issuance deals: 50% of the CSX-CLO listings were refinancing or reset deals and 50% of the listings were new issuance deals. The balance between refinancing or reset listings and new issuance listings was also evenly split at 50-50 in 2024.

In 2025, March and October were the most active months for CLO listings on the CSX, with 13 and 12 listings, respectively. Unsurprisingly given the payment date schedule of most CLOs, March and October were also the most active months for CLO listings on the CSX in 2024.

This year, CSX-listed CLOs showed the following tranche listing patterns:

• only 8% listed their full stack of notes on the CSX;
• 30% listed two or three tranches of notes; and
• 50% listed a single tranche of notes.

The Maples Group listed over 40% of all the CSX-listed CLOs during this period, including 43% of the Cayman Islands issuers, 56% of the Jersey issuers and 67% of the Delaware issuers listed on the CSX.

Based on the Maples Group’s recorded data in 2025, approximately 15% of new issuance CLOs sought a CSX listing, and approximately 7% of refinancing or reset transactions sought a CSX listing for one or more tranches or notes.

Ireland CLO Listing Update on Euronext Dublin

In 2025, we saw a strong performance in CLO listing on Euronext Dublin and estimate that a total of 339 CLOs were listed. This includes new CLOs as well as refinancings and resets.

• Of the European domiciled CLOs, 295 (87%) were for Irish entities and 1 was for a Luxembourg vehicle.
• In addition, 25 (7.5%) were Cayman Islands issuers, 2 were Bermudan entities and 16 (5%) were US domiciled entities.

There were especially strong levels of listing in March and April and also in the final three months of the year.

We noted that, for European CLOs, it was a default that they list the full capital stack in new issuances as well as the refinancings and resets. On the other CLOs, it is more normal to list just one or two classes of Notes, despite the low additional cost to listing additional classes.

The Maples Group in Dublin listed over 25% of the Irish CLOs and approximately 28% of the total number of CLOs.