CLO Research

CLO Research compares US and EU CLO manager MVOC rankings with new-issue pricing since July 2026, revealing a mixed relationship...

As at 30 June 2026, total European CLO collateral AUM stood at €309.1bn. The three largest managers were CVC Credit Partners, Blackstone and Redding Ridge Asset Management, each managing more than €11bn of European CLO collateral.

The comparison between manager MVOC rankings and US CLO new-issue pricing since July 2026 reveals a mixed relationship. Some managers with stronger MVOC rankings, including Elmwood, Benefit Street Partners, CIFC, OCP and CVC, generally achieved strong pricing across the capital structure.

Overall, the results suggest that EU CLOs experienced lower portfolio loss and default rates than their US BSL counterparts.

A sample of 667 EU CLO deals is used in this study. Called deals and static deals are excluded from the sample.

Over the past three years, managers’ shares of total traded BWIC volume across the capital structure, from AAA to equity, were generally aligned with their shares of total CLO AUM. CVC’s shares were identical at 5.0%, while Blackstone, UBS Asset Management and ICG also showed a close relationship. HPS, Voya, BlackRock, Sound Point and Investcorp accounted for noticeably higher shares of traded volume than AUM, indicating relatively greater secondary-market turnover. By contrast, Redding Ridge, Palmer Square, KKR, Hayfin and Barings were less represented in BWIC trading relative to their AUM shares.HPS, Voya, BlackRock, Sound Point and Investcorp accounted for noticeably higher shares of traded volume than AUM, indicating relatively greater secondary-market turnover. By contrast, Redding Ridge, Palmer Square, KKR, Hayfin and Barings were less represented in BWIC trading relative to their AUM, potentially indicating a higher proportion of buy-and-hold investors.