Assessing the Performance of Emerging CLO Managers Based on MVOC (Freemium Version)
How do emerging CLO managers compare with their peers?
How do emerging CLO managers compare with their peers?
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.
A sample of 322 EU CLO deals (vintage 2021-2024) is included in this study. Deals with a collateral pool factor below 90% are excluded. Managers who have performed well include Bridgepoint Credit, Brigade Capital, CarVal, CIC, Fortress, GoldenTree, Napier Park, Partners Group, RRAM, and Serone Capital, among others.
Three CLO equity tranches from the 2021 vintage received cover bids ranging widely from 32 to 88. OHA Credit Funding 8 received a notably strong cover of 87.9, translating to an equity...
Loan spreads have returned to levels last seen in mid-March, as shown in the final column. AAA spreads remain wide, with the four-week average loan spread still elevated at 446 bps as of 30 May. That said, the four-week average is expected to fall below 440 bps by 6 June, even if loan spreads remain broadly unchanged over the coming week. If historical patterns are a reliable guide, AAA spreads are likely to tighten to levels seen in early April in the near future.
A sample of 409 seasoned deals (2015–2019* vintage deals) is included in this study. The benchmark loan index used is the Morningstar LSTA U.S. B/BB Ratings Loan Index.
Please refer to the table below for a comprehensive list of CLO managers and their global CLO collateral AUM (in USD billions), rather than CLO liabilities, broken down by US BSL, US MM, and EU CLOs, as of 31 March 2025. Total global CLO collateral AUM stood at approximately USD 1.4 trillion as of 31 March 2025.
Managers who have performed well include Bridgepoint Credit, Brigade Capital, CarVal, CIC, Fortress, GoldenTree, Napier Park, Partners Group, RRAM, and Serone Capital, among others.
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.