BSP 2022-27A SUB traded and covered above par in yesterday’s BWIC (source: SCI). The deal was originally issued on 3 August 2022, and completed a highly accretive upsized reset in August 2024, extending its reinvestment end date from 20 July 2027 to 20 October 2029, with a call date of 20 October 2026.
As of 11 September 2025, the latest arbitrage metric for non-short-dated US CLOs stood at approximately 204 bps — a marginal improvement from the sub-200 levels observed in late July and early August.
The reset of Sycamore Tree CLO 2023-4 saw its AAA tranche priced at 133 bps, a competitive level relative to...
A majority stake of GNRT 2024-16A SUB traded yesterday, covering at...
Yesterday, a majority stake of €13.805 million in Dryden 103 Euro CLO 2021 subordinated notes was traded via BWIC. The deal’s performance is noteworthy: it was priced and closed in late 2022 with very wide liability spreads and a sizeable fixed-rate collateral exposure in a rising rate environment. These factors resulted in sub-par distributions until its reset in late 2024, immediately after the non-call period. At the time, the outlook appeared bleak, with equity NAV depressed and distributions running low. Since bottoming out in mid-2023, however, the deal has staged a steady recovery. Equity NAV rose consistently…
On 9 September 2025, the secondary market saw a relatively long list of US BSL CLO BB tranches on BWIC, spanning a wide range of MVOCs and reinvestment end-dates.
Yesterday saw a relatively long list of CLO equity tranches on BWIC. Among them, SIXST 2021-17X SUB stood out, ranking in the top quartile of its 2021-vintage peers.
Notably, it is the only 2020-vintage deal with a BB MVOC below par, or a clean BB NAV of around 80%, which helps explain why the BB tranche cleared at such a deep discount.
Yesterday saw a fairly long list of EU CLO single-B tranches on BWIC, providing useful colour on the single-B secondary market, albeit largely in odd-lot sizes. Single-B tranches are also regarded as alternatives to CLO equity, given their expected low-teen returns and potentially lower risk profile owing to their second-loss position.
Below are tables presenting the MVOC (AAA-B) and EQ NAV of EU CLO deals by vintage, based on asset prices as of 5 September 2025.
A sample of 532 EU CLO deals (vintage 2013–2024) 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 5 September 2025.
A sample of 1,667 US BSL CLO deals (vintage 2013–2024) is included in this study. Deals with a collateral pool factor below 55% are excluded.
Among the recently liquidated deals, those managed by CIFC and Carlyle—such as CIFC 2013-1A SUB, CIFC 2015-1A SUB, and CGMS 2013-1A SUB—stood out with IRRs ranging from 12.8% to 15.2%.
