CLO Research

The table below shows the 15 largest global CLO managers, ranked by their CLO assets under management (rather than liabilities), in USD billions as of 30 June 2025.

Last Friday saw several seasoned EU CLO AAA tranches trade, with cover bids ranging from 79 DM to 101 DM, corresponding to WALs of 0.85 to 2.8 years. A spread difference of around 22 bps for roughly two years’ difference in WAL highlights the important role WAL plays in AAA pricing.

OHA Credit Funding 16-R’s highly accretive reissue reduced its WACC by 67.2 bps, from 217.2 bps to 150.0 bps, while extending the reinvestment period by two years. The funding cost savings largely offset the 72.4 bps decline in its reported WAS since first reporting, bringing the latest figure to 299.4 bps.

A large minority CLO equity note was on a BWIC yesterday, and the tranche traded well. The deal, originally priced with a closing date of 28 June 2023, recently completed a reset that extended its reinvestment end date from 20 July 2028 to 20 July 2030. The reset also reduced its WACC by around 74 bps, more than offsetting the decline in collateral WAS of roughly 63 bps.

Yesterday, a notice was announced on Cairn CLO VIII, in which the retention holder directed the redemption of the rated notes.

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