There is a significant divergence in exposure to loans priced below 80 among EU CLO managers, ranging from 1.4% to 24.1%. In contrast, the variation among US CLO managers is considerably narrower, ranging from 2.1% to 13.1%.
Ivanti Software exposure across US CLO managers totals approximately $728.8m, comprising $701.7m in first-lien loans (96.3%) and $27.1m in second-lien loans (3.7%).
US CLO new-issue volume reached $137.7bn across 295 deals, down 20.4% year-on-year, while EU issuance remained relatively resilient at €53.6bn across 127 deals, down just 1.3%. BofA led the US arranger rankings with $21.5bn, while BNP Paribas topped the EU rankings with €9.1bn. Blackstone retained its position as the leading collateral manager in both markets, with $5.1bn in US issuance and €2.5bn in EU issuance. Overall, EU CLO new-issue activity has held up considerably better than the US market in 2026.
Recent vintages underperformed as distributions received over their shorter lives were insufficient to offset the capital losses implied by BWIC levels, weighing on overall returns.
EU CLO equity BWIC activity has remained subdued since June 2026, with 56 lines offered and 24 traded, according to SCI’s BWIC data, representing a trade ratio of 42.9%. On an original face value basis, €80.4m traded out of €288.3m offered, equivalent to a lower execution rate of 27.9%, partly reflecting several sizeable positions exceeding €10m each that did not trade.
Please find the download link below for the overlap optimisation model. The model allows users to select up to 100 US and/or EU CLO deals from a user-defined pool of deals and identifies the optimal combination to minimise overlap.
