Yesterday’s US BB CLO BWIC highlighted strong demand for top-tier names with higher MVOC levels, as reflected in their tighter DM prints relative to benchmark levels. Benchmark levels refer to the average DM prints by MVOC and manager tiering, based on BWIC trading colour observed since mid-April.
Please find below the download link for the interactive CLO manager collateral AUM ranking tables.
Please find the download link below for the interactive US primary and reset CLO issuance arranger and manager league tables. Users can customise the analysis by selecting the relevant date windows and deal types, with the arranger and manager rankings updating automatically based on the chosen criteria. Generally speaking, resets could offer substantial benefits to both debt and equity investors. From a debt perspective, a reset resembles a significant prepayment event, with all debt tranches prepaid at par. Lower mezzanine tranche investors, in particular, typically favour deals with a higher likelihood of being reset, as it provides a safeguard similar to an effective insurance policy. For underperforming deals, lower mezzanine tranches with low MVOCs might trade at a discount, even in strong loan markets. A reset pulls these tranches back to par, thereby mitigating losses. Equity investors could also derive considerable value from resets.
Please find the download link below for the interactive primary CLO issuance arranger and manager league tables. Users can customise the analysis by selecting the relevant date windows, currency, and deal type, with the arranger and manager rankings updating automatically based on the chosen criteria.
A sample of 542 EU CLO deals is used in this study. Called deals and static deals are excluded from the sample.
A sample of 1,658 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 581 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 (BB–B) and equity NAV of US BSL and EU CLO deals by vintage, based on asset prices as of 15 May 2026.
Using a sample of US BSL CLO BB bonds with reinvestment end dates between 2029 and 2031 that have been placed on BWIC since 14 April (with released trading colour), it is interesting to observe that both MVOC and manager tiering play an important role in pricing. As the loan market improves, MVOC generally strengthens, allowing BB bonds to trade at tighter levels. That said, for top-tier bonds, pricing appears to become less sensitive to further improvements in MVOC once it reaches a level of around 106.
Quite a number of top-tier reset deals priced this month, including deals from OCP, Barrow Hanley, CIFC, AIMCO, and OHA, with blended AAA tranches pricing in the range of 121–129 DM.
This file tracks reported WARF trends across 129 US BSL CLO managers, with monthly data going back to April 2013. Select up to ten combinations of managers and vintages from the dropdown menus, and the chart will instantly compare their WARF levels against one another.
This file tracks Net Interest Margin (collateral gross coupon minus weighted average CLO tranche coupon) trends across 131 US BSL CLO managers, with monthly data dating back to March 2013. Select up to ten managers from the dropdown menus to compare manager-level margin trends relative to peers and the market average over time.
This file tracks Net Interest Margin (collateral gross coupon minus weighted average CLO tranche coupon) trends across 66 European CLO managers, with monthly data dating back to July 2013. Select up to ten managers from the dropdown menus to compare manager-level margin trends relative to peers and the market average over time.
This file tracks reported WAS trends across 66 European CLO managers, with monthly data dating back to July 2013. Select up to ten managers from the dropdown menus to compare manager-level spread trends relative to peers and the market average over time.
This file tracks reported WAS trends across 129 US BSL CLO managers, with monthly data going back to April 2013. Select up to ten managers from the dropdown menus, and the chart will instantly compare their spreads against each other and against the market average.
