EU CLO Managers: Rankings Based on MVOC (BB) as of 13 March 2026
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.
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.
The table below presents the IRRs by vintage for fully liquidated EU CLO deals from the 2013 to 2023 vintages, based on a sample of 134 deals.
The table below presents the IRRs by vintage for fully liquidated US CLO deals from the 2012 to 2023 vintages, based on a sample of 958 deals.
The table below shows the latest notional exposure of US CLO managers to Optiv. Overall exposure across US CLOs has declined from US$129 million to US$97.9 million.
Looking at discounted BSL CLO BB tranches traded via BWICs since 8 January 2026, the tables below summarise DM cover levels, grouped by manager tiering and MVOC, for deals with reinvestment periods ending in 2029/30 and 2026/27.
A sample of 545 EU CLO deals is used in this study. Called deals and static deals are excluded from the sample.
Among the 2012–2021 vintage deals, only 2.1% of EU CLO BB tranches show an MVOC below 100%, compared with 23% for US BSL CLOs. Coincidentally, around 26.1% of both US BSL and EU CLO deals report negative equity NAV.
A sample of 1,693 US BSL CLO deals (vintage 2013–1H 2025) is included in this study. Deals with a collateral pool factor below 55% are excluded.
This study is based on a sample of 1,633 U.S. BSL CLO deals. Static deals are excluded from the analysis.
Among managers with at least eight deals in the sample, four delivered top-tier performance in early 2025. As of the latest reading, the same four managers remain in the top quartile.
US CLOs’ overall exposure to the Tempo Acquisition (Alight Solutions) term loan remains largely unchanged at approximately USD 1.44 billion. As of 6 March 2026, 955 US CLO deals, managed by 65 managers, reported an average deal-level exposure of around 37 bps.
EU CLOs’ overall exposure to the ION Platform term loan is approximately EUR 1.49 billion. As of 6 March 2026, 395 EU CLO deals, managed by 50 managers, reported an average deal-level exposure of around 92 bps.
EU CLOs’ overall exposure to Think-Cell TLs is approximately EUR 416 million. As of 6 March 2026, 161 EU CLO deals, managed by 16 managers, reported an average deal-level exposure of around 66 bps.
As of 6 March 2026, the arbitrage metric for non-short-dated US CLOs has improved significantly, reflecting a materially wider four-week moving-average loan discounted spread relative to the widening in liability spreads. At approximately 202 bps, this has returned to levels last seen in early January 2025.
Since early 2025, the three educational articles below have collectively garnered over 7,500 views, underscoring continued interest in succinct, practical and relevant CLO content.