EU CLO Managers: Rankings Based on MVOC (BB) as of 16 January 2026
A sample of 583 EU CLO deals (vintage 2013–1H 2025) is included in this study. Deals with a collateral pool factor below 60% are excluded.
A sample of 583 EU CLO deals (vintage 2013–1H 2025) is included in this study. Deals with a collateral pool factor below 60% are excluded.
Below are tables presenting the MVOC (AAA-B) and EQ NAV of US BSL CLO deals by vintage, based on asset prices as of January 16, 2026.
A sample of 1,723 US BSL CLO deals (vintage 2013–1H 2025) is included in this study. Deals with a collateral pool factor below 55% are excluded.
Below are tables presenting the MVOC (AAA-B) and EQ NAV of EU CLO deals by vintage, based on asset prices as of 16 January 2026.
CLO managers are operating in a loan market where pricing discipline appears largely absent. A significant proportion of loans continues...
As of 16 January 2026, the arbitrage metric for non-short-dated US CLOs stood at approximately 155 bps, tighter than at the end of last year despite a lower WACC. New issue upfront costs and management fees are not included in the calculation.
This article examines how US CLO AAA tranches may look under various scenarios.
Looking at discounted BSL CLO BB tranches traded via BWICs since 8 January 2026, the tables below summarise DM cover levels, grouped by manager tiering and MVOC, for deals with reinvestment periods ending in 2029/30 and 2026/27.
US CLOs’ overall exposure to Multi-Color 10/21 (USD) Cov-Lite TL is approximately USD 431 million. As of 16 January 2026, 297 US CLO deals, managed by 17 managers, reported an average deal-level exposure of around 35 bps.
US CLOs’ overall exposure to the Balcan Innovations term loan is approximately USD 355.4 million. As of 15 January 2026, 308 US CLO deals, managed by 23 managers, reported an average deal-level exposure of around 25 bps.
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.
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 explores the periods during which entry into the EU CLO mezzanine market has historically been more favourable.
A sample of 1,731 US BSL CLO deals (vintage 2013–1H 2025) is included in this study. Deals with a collateral pool factor below 55% are excluded.
A sample of 591 EU CLO deals (vintage 2013–1H 2025) is included in this study. Deals with a collateral pool factor below 60% are excluded.