US BSL CLO New-Issue Spreads: Tight Across the Stack
September 28, 2026
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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.
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