CLO Research

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 31 March 2025.

US BSL CLO BB tranches traded yesterday with cover bids ranging from 496 DM to 1,000 DM.

Managers such as Allstate, Barrow Hanley, Beach Point, Diameter Capital, Golub Capital, Hayfin Capital, Man Group, Oak Hill Advisors, Sixth Street and Wellington Management have performed well.

Among the largest managers, RRAM has the most favourable reinvestment period profile across its deals, with none having exited their reinvestment periods as of 31 March 2025.

This study includes a sample of 490 EU CLO deals from 2013 to 2023 vintages.

Primary and secondary market participants place considerable emphasis on this point-in-time metric, as it plays a key role in pricing CLO-rated tranches. Put simply, CLO debt tranche pricing tends to move in line with the underlying loan market — and MVOC provides a quick gauge of how well the collateral’s market value covers the rated liabilities.

Managers who have performed well include Bridgepoint Credit, Brigade Capital, CarVal, CIC, Fortress, GoldenTree, Napier Park, Partners Group, RRAM, and Serone Capital, among others.

Given the relatively modest management fees, CLO managers—particularly emerging ones—need to continue growing their collateral assets under management, as both...

The table below lists the top 100 US CLO managers, along with their BSL and MM CLO assets under management (rather than CLO liabilities) as of 31 March 2025. The final two columns show the average annual growth in total and BSL CLO AUM (in billions). Notably, 33 managers have grown their BSL CLO AUM by more than $1 billion per year since pricing their first deal.

Please see the table below for the full list of 71 EU CLO managers and the trends in their EU CLO collateral assets under management (as opposed to CLO liabilities) since 31 December 2017. Several emerging managers have successfully expanded their EU CLO AUM to over €1 billion since pricing their first deal in 2023. As at 31 March 2025, notable examples include Arini Capital Management with over €2 billion in AUM, Sona Asset Management with €1.8 billion, Signal Capital with €1.7 billion, Canyon Capital with €1.4 billion, M&G Investment Management with €1.2 billion, and AllianceBernstein with €1.3 billion.

The table below lists the top 100 US BSL CLO managers, ranked by their US BSL CLO assets under management (as opposed to CLO liabilities) as at 31 March 2025.

The table below shows the list of US MM CLO managers, ranked by their US MM CLO assets under management (rather than CLO liabilities) as at 31 March 2025.

Last week’s BWIC lists included four majority equity trades according to SCI BWIC data, with cover bids ranging from the single digits to the high 40s. These levels implied an average equity IRR of around 6.6% for primary investors, assuming an issue price of $95. The trades comprised two 2017 vintage deals, one from 2018, and one from 2022.

Of the 80 largest US CLO managers, 18 have a highly favourable CLO AUM breakdown by reinvestment period (RP), with less than 5% of their total US CLO AUM outside of RPs.

A sample of 1,405 US BSL CLO deals (vintage 2013–2023) is included in this study. Deals with a collateral pool...