Top Educational Articles Since 2025
Since early 2025, the three educational articles below have collectively garnered over 7,500 views, underscoring continued interest in succinct, practical and relevant CLO content.
Since early 2025, the three educational articles below have collectively garnered over 7,500 views, underscoring continued interest in succinct, practical and relevant CLO content.
Please find the download link below for the interactive US primary and reset CLO issuance arranger and manager league tables. Users can customise the analysis by selecting the relevant date windows and deal types, with the arranger and manager rankings updating automatically based on the chosen criteria. Generally speaking, resets could offer substantial benefits to both debt and equity investors. From a debt perspective, a reset resembles a significant prepayment event, with all debt tranches prepaid at par. Lower mezzanine tranche investors, in particular, typically favour deals with a higher likelihood of being reset, as it provides a safeguard similar to an effective insurance policy. For underperforming deals, lower mezzanine tranches with low MVOCs might trade at a discount, even in strong loan markets. A reset pulls these tranches back to par, thereby mitigating losses. Equity investors could also derive considerable value from resets.
The table below presents benchmark BB tranche discount margins (DMs) for US CLOs with reinvestment periods ending in 2029-2031, across different MVOC bands and manager tiers. The benchmark levels are derived from average DM prints by MVOC band and manager tier, based on trading colour (source: SCI) observed since mid-April.
A sample of 122 unique CLO equity positions is used for this study. These positions were placed on BWIC, with trading colour available since 21 April 2026.
A sample of 122 unique CLO equity positions is used for this study. These positions were placed on BWIC, with trading colour available since 21 April 2026.
The table below presents benchmark BB tranche discount margins (DMs) for US CLOs with reinvestment periods ending in 2029-2031, across different MVOC bands and manager tiers. The benchmark levels are derived from average DM prints by MVOC band and manager tier, based on trading colour (source: SCI) observed since mid-April.
