CLO Research

The reset of RAD CLO 16, managed by Irradiant, was very much expected given its high Weighted Average Cost of...

Elmwood CLO IV, managed by Elmwood Asset Management, was recently reset. Its new Weighted Average Cost of Capital (WACC) across...

With a WACC of 183 bps, it was priced tighter than any primary issue WACC recorded year-to-date (YTD).

The following EU CLO deals issued and priced their single-B tranches this year. These were initially structured for delayed issuance...

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

On January 19, 2024, GoldenTree celebrated a notable achievement with an AAA print of 150 basis points (bps) for its...

KKR CLO 29, managed by KKR, was recently reset. The performance of this 2021 vintage deal from an MVOC perspective was...

Generate CLO 5, managed by Generate Advisors, was recently reset. The performance of this 2018 vintage deal from an MVOC...

Since October 2023, at least 26 EU CLO deals have been redeemed. The graphs below illustrate the relationship between the...

A significant number of US BSL CLO deals are candidates for reset due to their overall high cost of funding....

With the recent reset pricing, OHA Loan Funding 2013-1, managed by Oak Hill Advisors, now boasts the longest reinvestment period in the CLO market at nearly 16 years!

The table below shows a list of deals with an equity NAV of at least 100%.

YTD, 70 BSL CLO deals have been reported to have undergone resets. Among these, 15 deals from the 2022–2023 vintages have reduced their cost of funding by an average of 61 bps, while also extending their reinvestment periods by about 2.7 years on average. 

The table below illustrates the latest number and changes in the number of post-2012 US CLO deals that have failed at least one of the key tests—interest diversion, overcollateralization, or interest coverage tests—categorized by vintage.

The full list of US CLO deals failing OC/IC tests is shown in the table below.