Primary EU CLOs: Benchmarking AAA-to-Single-A Tranche Pricing
A sample of 91 EU CLO deals, closed in 2025 with reinvestment periods ending between 2029 and 2030, is included in this study.
A sample of 91 EU CLO deals, closed in 2025 with reinvestment periods ending between 2029 and 2030, is included in this study.
US CLOs’ overall exposure to Learning Care Group TL is approximately USD 637.8 million. As of 21 January 2026, 637 US CLO deals, managed by 36 managers, reported an average deal-level exposure of around 22 bps.
Notices announcing full optional redemptions through liquidation have been issued for GoldenTree Loan Management EUR CLO 4 and EUR CLO...
US CLOs’ overall exposure to SkillSoft 7/21 Cov-Lite is approximately USD 332 million. As of 20 January 2026, 345 US CLO deals, managed by 16 managers, reported an average deal-level exposure of around 25 bps.
A sample of 583 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 (AAA-B) and EQ NAV of US BSL CLO deals by vintage, based on asset prices as of January 16, 2026.
A sample of 1,723 US BSL CLO deals (vintage 2013–1H 2025) is included in this study. Deals with a collateral pool factor below 55% are excluded.
Below are tables presenting the MVOC (AAA-B) and EQ NAV of EU CLO deals by vintage, based on asset prices as of 16 January 2026.
CLO managers are operating in a loan market where pricing discipline appears largely absent. A significant proportion of loans continues...
This article examines how US CLO AAA tranches may look under various scenarios.
US CLOs’ overall exposure to Multi-Color 10/21 (USD) Cov-Lite TL is approximately USD 431 million. As of 16 January 2026, 297 US CLO deals, managed by 17 managers, reported an average deal-level exposure of around 35 bps.
US CLOs’ overall exposure to the Balcan Innovations term loan is approximately USD 355.4 million. As of 15 January 2026, 308 US CLO deals, managed by 23 managers, reported an average deal-level exposure of around 25 bps.
On Tuesday, close to USD 200 million of US CLO equity tranches were offered on BWICs, with four majority stakes in circulation. Of these, only one majority stake traded. Market conditions remain challenging, with asset spread compression, elevated idiosyncratic risks, and several tranches attracting bids below clean equity NAV due to longer non-call periods.
A Goldilocks loan market environment is generally most favourable for CLO equity—aside from the pull-to-par trades observed in 2020, 2022,...
This article explores the periods during which entry into the EU CLO mezzanine market has historically been more favourable.