Equity performance remains one of the most closely watched measures of CLO manager performance, given its importance to a broad range of stakeholders. A manager that consistently delivers for equity investors may be better positioned to attract equity capital for future deals, which in turn can support continued issuance and the further growth of its CLO platform.
As of June 30, 2026, total US CLO collateral AUM stood at USD 1.23 trillion. The ten largest managers are Golub Capital, Blackstone, RRAM/Apollo, The Carlyle Group, Ares Management, CIFC Asset Management, UBS Asset Management, Elmwood Asset Management, BlackRock, and Bain Capital Credit.
The analysis covers new-issue EU BSL CLOs priced since January 2022 with a reported discount margin (DM), sourced from SCI. Deals with reinvestment periods of less than 3.9 years are excluded, as are a selected group of deals that were not competitively priced.
This study is based on a sample of 1,806 U.S. BSL CLO deals. Static deals are excluded from the analysis. Equity performance remains one of the most closely watched measures of CLO manager performance, given its importance to a broad range of stakeholders. A manager that consistently delivers for equity investors may be better positioned to attract equity capital for future deals, which in turn can support continued issuance and the further growth of its CLO platform.
A sample of 664 EU CLO deals is used in this study. Called deals and static deals are excluded from the sample. Equity performance remains one of the most closely watched measures of CLO manager performance, given its importance to a broad range of stakeholders. A manager that consistently delivers for equity investors may be better positioned to attract equity capital for future deals, which in turn can support continued issuance and the further growth of its CLO platform. EU CLO Managers such as Bridgepoint Group, Napier Park, Partners Group, Redding Ridge Asset Management, and UBS Asset Management stand out...
US BSL CLO new-issue spreads have rallied across the capital structure, led by the lower-rated tranches. AA and BBB are at their tightest weekly prints over the study period, while A and BB are close to theirs. The AAA–BB gap has narrowed to 323 bps, well below its 52-week average of 370 bps and study-period average of 473 bps. As the chart below shows, the gap is near its historical tights, suggesting that BB offers less relative value versus AAA than it has typically offered over the study period.
