CLO Musings
The CLO market has reached yet another milestone in terms of collateral AUM, surpassing US$1.5 trillion as at 30 September...
The CLO market has reached yet another milestone in terms of collateral AUM, surpassing US$1.5 trillion as at 30 September...
The table below provides the full list of 71 EU CLO managers and their collateral AUM trends since 2017. Collectively, they oversee a total of €281 billion in CLO collateral assets under management (rather than CLO liabilities) as at 30 September 2025.
Of the 80 largest US CLO managers, 34 have a highly favourable AUM breakdown by reinvestment period (RP), with less than 5% of their total US CLO AUM outside RPs. Thanks to the resets and redemptions of older deals, the RP profile of many managers has become considerably more favourable, with fewer deals now outside their reinvestment periods.
Fully liquidated US CLO deals from the 2012–2015 vintages show that 2014 delivered the weakest performance, while 2012 achieved a median IRR of around 12% (assuming a 95% issue price). Across vintages, reset deals outperformed non-reset deals by approximately 2–4 percentage points based on median IRRs.
Across these vintages, reset deals outperformed their non-reset counterparts, underscoring the value of resetting.
Of the 80 largest US CLO managers, 34 have a highly favourable AUM breakdown by reinvestment period (RP), with less than 5% of their total US CLO AUM outside RPs. Thanks to the resets and redemptions of older deals, the RP profile of many managers has become considerably more favourable, with fewer deals now outside their reinvestment periods.
