CLO Research

What is the total size of the CLO market as at 31 December 2025? The total CLO market stood at...

A Goldilocks loan market environment is generally most favourable for CLO equity—aside from the pull-to-par trades observed in 2020, 2022,...

This article sets out the average annualised prepayment rates for each seasoned manager across the first five years of the post-reinvestment period (post-RP). It also shows, for each CLO manager, how many of their deals were called or reset in each of those years, together with the annualised post-RP prepayment rates for each deal in the sample.

On Tuesday, close to USD 200 million of US CLO equity tranches were offered on BWICs, with four majority stakes in circulation. Of these, only one majority stake traded. Market conditions remain challenging, with asset spread compression, elevated idiosyncratic risks, and several tranches attracting bids below clean equity NAV due to longer non-call periods.

This article sets out the average annualised prepayment rates for each seasoned manager across the first five years of the post-reinvestment period (post-RP). It also shows, for each CLO manager, how many of their deals were called or reset in each of those years, together with the annualised post-RP prepayment rates for each deal in the sample.

The table below shows the average annualised prepayment rates for each seasoned manager in the first, second, third, fourth and fifth years of the post-reinvestment period (post-RP). The sample includes deals that had exited their reinvestment periods by 31 December 2024.