In recent months, a strong loan market, marked by elevated loan prices and ongoing repricing activity, has prompted the redemption of several seasoned EU CLO deals. This article examines a sample of seven EU CLOs that have recently been redeemed.
The table below shows the 15 largest global CLO managers, ranked by their CLO assets under management (rather than liabilities), in USD billions as of 30 June 2025.
RRE 6 Loan Management’s reset was recently priced, with its AAA tranche at 131 bps, the tightest among its reset peers. But it still offers strong value to investors.
Please refer to the table below for a list of CLO managers with global CLO collateral AUM of at least $2 billion, broken down by US BSL, US MM, and EU CLOs as of 30 June 2025.
Please refer to the table below, which shows the 2.0 BSL CLO AUM trends for each US BSL CLO manager since 2012. The AUM (in billions of dollars) for each period is based on CLO deal pricing dates and the notional of the underlying collateral, rather than CLO liability notional. For consistency, the AUM figures for each manager have been adjusted to reflect mergers and acquisitions as well as changes in management contracts. The top ten US BSL CLO managers are Blackstone, Carlyle, UBS AM, CIFC, RRAM, Octagon, Ares, Neuberger Berman, Sound Point, and Elmwood. As of 30 June 2025, 33 managers oversaw at least $10 billion of BSL CLO AUM, with 12 of them managing $20 billion or more.
Investors and CLO managers may email info@clopremium.co.uk to request a copy of this article.
Four top-tier reset AAA prints at 125bps were reported recently, each showing a different value relative to risk.
Yesterday, three US CLO BB bonds appeared on BWIC (source: SCI), with DMs ranging from 546 to 717, depending on their MVOC and WAL.
The steady loan spread compression since early 2024 has been particularly negative to long-dated CLO equity, especially those issued in 2024 that remain in their non-call period. This feature benefits CLO debt investors, who are able to lock in wider spreads for longer, but comes at the expense of equity holders.
A sample of 1,674 US BSL CLO deals (vintage 2013–2024) is included in this study. Deals with a collateral pool factor below 55% are excluded.
Among the top performers are Oak Hill Advisors, UBS AM, and Palmer Square Capital Management.
This week saw a list of seasoned EU CLO BBB bonds, all of which received covers well above par, with discount margins in a narrow range of 302–311 bps. This is despite their varying reinvestment end dates. Two bonds have passed their reinvestment period (RP) by over two years, one has just concluded its RP, and two have RPs ending in 2026.
Some of the top-performing EU CLO managers include RRAM, Brigade Capital, Guggenheim Partners, Partners Group, and Bridgepoint Credit Management.
Some of the top-performing managers include Diameter Capital, Oak Hill Advisors, Benefit Street Partners, Clover, Whitebox Capital Management, Allstate Investments, and BlackRock Financial Management.
Today, Blackstone’s Allegany Park refinancing priced, reducing its WACC by 22 bps from 175 bps to 153 bps. The deal...
