CLO Research

A sample of 23 US middle-market CLO deals, closed in 2025 and with reinvestment periods ending between 2029 and 2031, is included in this study.

A sample of 527 EU CLO deals (vintage 2013–2024) is included in this study. Deals with a collateral pool factor below 60% are excluded.

A sample of 1,554 US BSL CLO deals (vintage 2013–2024) is included in this study. Deals with a collateral pool factor below 55% are excluded. As shown in the table in this article, among the larger managers, seven were in the top quartile at the beginning of 2025. Of these, four remained in the top quartile, while three moved to the second quartile as of 2 January 2026. At the beginning of 2025, 21 managers were in the second quartile. Of these, three moved up to the top quartile, ten remained in the second quartile, and eight moved down to the third quartile. Overall, CVC Credit Partners, Voya Alternative AM, Carlyle Group, WhiteStar, and ICG Debt Advisors recorded some of the largest improvements.

This week saw several US BSL CLO BB tranches trade with cover DMs ranging from 542 bps to 1,059 bps, corresponding to MVOCs of between 106h and 94h. Overall, recent trading points to a flat to slightly softer tone.

With idiosyncratic risks continuing to erode collateral value, Redding Ridge Asset Management, GoldenTree Asset Management, Bridgepoint Group, Partners Group, and Napier Park remain among the leading EU CLO managers in terms of MVOC performance, reflecting their stronger collateral preservation relative to peers.

A sample of 1,575 US BSL CLO deals (vintage 2013–2024) is included in this study. Deals with a collateral pool factor below 55% are excluded. Some of the larger top-performing US CLO managers include Oak Hill Advisors, L.P., Allstate Investment Management, BlackRock Financial Management, CVC Credit Partners, CIFC Asset Management, Onex Credit Partners, and Sixth Street.

Below are tables presenting the MVOC (AAA-B) and EQ NAV of US BSL CLO deals by vintage, based on asset prices as of December 17, 2025.

The US CLOs’ overall exposure to the SonicWALL term loans is at around USD 621 million. As of 17 December 2025, 440 US CLO deals (from 23 managers) reported an average deal-level exposure of around 37 bps.

The US CLOs’ overall exposure to the Ply Gem/Pisces Midco/Cornerstone Building term loans is sizable at around USD 2.4 billion. As of 17 December 2025, 1,320 US CLO deals (from 81 managers) reported an average deal-level exposure of around 52 bps.

The US CLOs’ overall exposure to the MHS Holdings (Project Castle) Term Loan is slightly over USD 600 million. As of 17 December 2025, 393 US CLO deals (from 26 managers) reported an average deal-level exposure of around 36 bps.

The US CLOs’ overall exposure to the Oscar Acquisitionco LLC (Oldcastle BuildingEnvelope) Term Loan is slightly over USD 1.0 billion. As of 17 December 2025, 819 US CLO deals (from 43 managers) reported an average deal-level exposure of around 32 bps.

As at 16 December 2025, the latest arbitrage metric stood at 255 bps, broadly in line with the level observed in January 2025. However, the current backdrop is less favourable than it was in late January.

This study is based on a sample of 1,710 U.S. BSL CLO deals. Among the 112 managers included, twelve delivered strong results, with an average ranking (percentile) of 75th or higher.

While primary issuance volumes are on track for another record year, recent secondary trading colour points to a more challenging...

The EU CLOs’ overall exposure to the Ineos Quattro Term Loans is sizable at close to EUR 1.8 billion. As of 12 December 2025, 530 EU CLO deals (from 54 managers) reported an average deal-level exposure of around 85 bps.