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Please find the download link below for the latest interactive US primary and reset CLO issuance arranger and manager league tables. Users can customise the analysis by selecting the relevant date windows and deal types, with the arranger and manager rankings updating automatically based on the chosen criteria. From a debt perspective, a reset resembles a significant prepayment event, with all debt tranches prepaid at par. Lower mezzanine tranche investors, in particular, typically favour deals with a higher likelihood of being reset, as it provides a safeguard similar to an effective insurance policy. For underperforming deals, lower mezzanine tranches with low MVOCs might trade at a discount, even in strong loan markets. A reset pulls these tranches back to par, thereby mitigating losses. Equity investors could also derive considerable value from resets.

The table below presents benchmark BB tranche discount margins (DMs) for US CLOs with reinvestment periods ending in 2029-2031, across different MVOC bands and manager tiers. The benchmark levels are derived from average DM prints by MVOC band and manager tier, based on trading colour (source: SCI) observed since mid-April.

A sample of 579 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 1,653 US BSL CLO deals (vintage 2013–1H 2025) is included in this study. Deals with a collateral pool factor below 55% are excluded.

Below are tables presenting the MVOC (BB–B) and equity NAV of US BSL and EU CLO deals by vintage, based on asset prices as of 12 June 2026.

Arbitrage in the first half of 2025 was healthy, supported by wider asset spreads and tighter liability prints. In the second half of 2025, however, it generally ranged between 144 and 156 bps. When volatility spiked in February 2026, arbitrage improved to levels seen in early 2025, although it subsequently narrowed again, with the latest readings in the range of 150–160 bps.

A sample of 333 deals from the 1Q 2024 to 4Q 2024 vintages is used, excluding static deals and those with a collateral factor below 0.75. Each deal’s underlying collateral weighted average spread (WAS) is adjusted to reflect its weighted average price (WAP) as of June 5, 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 1,657 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 581 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 1,657 US BSL CLO deals (vintage 2013–1H 2025) is included in this study. Deals with a collateral pool factor below 55% are excluded.

In the US BSL CLO market, 12 and 27 managers offer average pairwise overlap levels of below 50% across their optimal five-deal and three-deal combinations, respectively. The table below presents the average pairwise overlap for these optimal combinations by manager.

Is it possible to achieve low overlap among three deals from the same EU CLO manager? In the EU CLO market, 18 managers offer an average pairwise overlap of less than 50% across their optimal three deals.

A sample of 581 EU CLO deals (vintage 2013–1H 2025) is included in this study. Deals with a collateral pool factor below 60% are excluded.

Among the 2012–2021 vintages, only 0.3% of EU CLO BB tranches show an MVOC below 100%, compared with 15.9% for US BSL CLOs. Meanwhile, 19.5% of US BSL deals report negative equity NAV, versus 11.7% for EU CLO deals.