The table below lists the 30 largest US BSL CLO managers, ranked by their US CLO collateral AUM (as opposed to CLO liabilities), in USD billions as of September 30, 2025. Collateral AUM is used instead of CLO liabilities, as liability notionals would overstate the actual AUM.
Reset tranches have notably outperformed their non-reset counterparts, with a median outperformance of approximately 5–6 percentage points.
Below are tables presenting the MVOC (AAA-B) and EQ NAV of US BSL CLO deals by vintage, based on asset prices as of 27 October 2025.
A sample of 541 EU CLO deals (vintage 2013–2024) is included in this study. Deals with a collateral pool factor below 60% are excluded.
A sample of 1,605 US BSL CLO deals (vintage 2013–2024) 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...
The top performers include Oak Hill Advisors, UBS AM, and Oaktree Capital Management.
Yesterday saw two seasoned EU CLO BB tranches on BWIC. Both were DNT, though price colour was disclosed.
Magnetite XXXVII CLO was reset last Friday, cutting its WACC by roughly 65 bps from 216 bps to around 151 bps, while extending its reinvestment period by two years. The reduction in funding cost broadly offsets the underlying collateral spread compression of about 63 bps.
A sample of 544 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 EU CLO deals by vintage, based on asset prices as of 17 October 2025.
A sample of 1,617 US BSL CLO deals (vintage 2013–2024) 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 US BSL CLO deals by vintage, based on asset prices as of 17 October 2025.
On 15 October 2025, several single-B tranches traded with cover bids ranging from 825 DM to 1,001 DM, and MVOCs ranging from 102h to 105h.
This study is based on a sample of 1,711 U.S. BSL CLO deals. Deals that were called before May 2025, along with static deals, are excluded from the analysis.
