As shown in the table below, exposure to the Prince International/Chromaflo/Ferro loan across US CLOs appears manageable, with average deal-level exposure of around 41 bps across roughly 760 US CLOs managed by 44 managers.
Around 180 EU CLO deals have been reset at least once since the reset market reopened in September 2023, following a hiatus with no resets priced between April 2022 and August 2023. Of these 180 deals, 71 included additional equity notional at reset, amounting to a combined total of around €1.1 billion.
A sample of 539 EU CLO deals (vintage 2013–2024) is included in this study. Deals with a collateral pool factor below 60% are excluded.
CLO equity has faced a challenging period, with ongoing asset repricing weighing on annual distributions. Still, there are bright spots in the market. For example, a majority equity stake, ARES 2023-ALF4A SUB, was recently traded via BWIC. The deal’s accretive reset, priced by Citigroup on 3 October 2025, reduced its WACC by nearly 80 bps—more than offsetting the 60 bps decline in its underlying collateral spread since inception.
The table below shows the additional equity notional across reset deals by manager. Among US BSL CLO platforms, Carlyle, Ares, Neuberger Berman, UBS AM, BSP, and CIFC each saw more than...
Below are tables presenting the MVOC (AAA-B) and EQ NAV of US BSL CLO deals by vintage, based on asset...
Market Value Over-Collateralization (MVOC), for instance, at the BB tranche level, is calculated by dividing the collateral market value (MV) by the sum of CLO liabilities (AAA to BB). MVOC is a crucial point-in-time metric for pricing CLO-rated tranches, closely monitored by primary and secondary market participants.
Of the 80 largest US CLO managers, 34 have a highly favourable AUM breakdown by reinvestment period (RP), with less than 5% of their total US CLO AUM outside RPs. Thanks to the resets and redemptions of older deals, the RP profile of many managers has become considerably more favourable, with fewer deals now outside their reinvestment periods.
Across these vintages, reset deals outperformed their non-reset counterparts, underscoring the value of resetting.
Fully liquidated US CLO deals from the 2012–2015 vintages show that 2014 delivered the weakest performance, while 2012 achieved a median IRR of around 12% (assuming a 95% issue price). Across vintages, reset deals outperformed non-reset deals by approximately 2–4 percentage points based on median IRRs.
The CLO market has reached yet another milestone in terms of collateral AUM, surpassing US$1.5 trillion as at 30 September...
Looking at BSL CLO BB tranches traded via BWIC between 27–29 October and 3–6 November 2025, the tables below summarise the benchmark* and non-benchmark DM cover levels, categorised by MVOC and reinvestment period. Comparing some of the top-tier bonds with reinvestment periods ending in 2029–2030 and MVOCs between 106 and 107h on 27 October and 6 November, the market appears stable, with little change observed.
The CLO market reached another milestone in collateral AUM, hitting US$1.5 trillion as at 30 September 2025. The EU CLO market represents roughly one-third the size of the US BSL CLO market. The table below shows the full list of CLO managers, ranked by their global CLO collateral AUM in USD billions as at 30 September 2025. Collateral AUM is used rather than CLO liabilities, as liability notionals would otherwise overstate the actual AUM.
The CLO market reached another milestone in collateral AUM, hitting US$1.5 trillion as at 30 September 2025.
The table below presents the collateral AUM notionals, categorised by vintage, for each US BSL CLO manager, based on deals priced on or before 30 September 2025.
