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Monitor: US BSL CLO New Issue Arb Trend Since 2017

The table below also highlights the fact that the arbitrage metric and issuance volume are not really correlated. The median arbitrage metric YTD is actually poorer than in both 2022 and 2023, but this year’s new issue volume has already exceeded the past two years’ volume on an annualized basis.

EU CLO Managers (Performance)

EU CLO Manager Report: Blackrock

Throughout 2020 and 2021, Blackrock demonstrated resilience in its total performance. It consistently outperformed the loan index from January 2020 to July 2022, with the exception of April/May 2020. However, the firm’s performance began to decline from mid-2022, as its MV alpha decreased more significantly than that of its peers.

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