US BSL CLO Managers Ranked by MVOC (BB) as of March 27, 2026
A sample of 1,668 US BSL CLO deals (vintage 2013–1H 2025) is included in this study. Deals with a collateral pool factor below 55% are excluded.
A sample of 1,668 US BSL CLO deals (vintage 2013–1H 2025) is included in this study. Deals with a collateral pool factor below 55% are excluded.
Among the 2012–2021 vintages, only 3.6% of EU CLO BB tranches show an MVOC below 100%, compared with 23.1% for US BSL CLOs. Meanwhile, 26.6% of US BSL deals report negative equity NAV, versus 30.0% for EU CLO deals.
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Arbitrage Comparison: US BSL CLOs vs EU CLOs
EU CLOs: Exposure to BME Group Holding BV
Based on asset prices as of 20 March 2026, the median deal has approximately 5.8% and 2.4% of assets trading below 80 and 70, respectively. Around 6.6% of assets are quoted above par.
US CLOs: Exposure to Renaissance Holding Corp
Based on the latest data, Allstate, CVC, Birch Grove, GoldenTree, and Onex Credit have shown strong performance.
A sample of 580 EU CLO deals (vintage 2013–1H 2025) is included in this study. Deals with a collateral pool factor below 60% are excluded.
Based on a sample of 958 and 134 fully liquidated 2.0 US and EU CLO deals, respectively, EU CLO equity tranches have generally outperformed their US counterparts across vintages.
Among the 2012–2021 vintages, only 2.7% of EU CLO BB tranches show an MVOC below 100%, compared with 22.6% for US BSL CLOs. Meanwhile, 25.7% of US BSL deals report negative equity NAV, versus 28.5% for EU CLO deals.
EU CLOs: Exposure to Winterfell Financing (Stark Group) TLs
US CLOs’ overall exposure to PerForce Software term loans is approximately USD 889.95 million. As of 19 March 2026, 473 US CLO deals, managed by 28 managers, reported an average deal-level exposure of around 38 bps.
US CLOs’ overall exposure to Planview Parent term loans is approximately USD 980.5 million. As of 19 March 2026, 651 US CLO deals, managed by 36 managers, reported an average deal-level exposure of around 37 bps.