CLO Research

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.

Over the past month, trading colour was available for more than 470 data points (source: SCI). The table below presents the average DMs and DMs to first call based on cover bids, grouped by WAL cohort.

The 2018 vintage has experienced the highest impairment rate so far, with approximately 19% of single-B rated tranches having become impaired.

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 351 fully repaid single-B tranches is included in this study. Overall, their performance has been very impressive, with an average realised IRR exceeding that of equity tranches. In addition, single-B tranches generally carry lower risk than equity, given their second-loss position in the capital structure.

Please find the download link below for the latest interactive US primary and reset CLO issuance arranger and manager league tables. Users can customise the analysis by selecting their preferred date range and deal types. The arranger and manager rankings will update automatically based on the selected criteria. Notes: Volume represents the total deal volume issued between the selected Start and End months (inclusive). Vol PY and # Deals PY show the corresponding figures for the same period one year earlier. These fields will be blank if the selected date range exceeds 12 months or if the prior-year period falls before the start of the data history (January 2023).