Basic Premium

Over the past five years, €76.1bn of European CLO paper was shown on BWICs, of which €47.7bn traded (source: SCI’s BWIC data), implying an overall hit rate of 62.7%. While AAAs accounted for the largest share of traded volume, they changed hands far less frequently relative to their weight in a typical CLO. Mezzanine tranches punched well above their structural weight, led by BBs, while single-B trading surged in the latest year—highlighting where secondary-market activity is most concentrated and opportunistic investors are most active.

A sample of 1,626 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 537 EU CLO deals (vintage 2013–1H 2025) is included in this study. Deals with a collateral pool factor below 60% are excluded.

Below are tables presenting the MVOC (AAA–B) and equity NAV of US BSL and EU CLO deals by vintage, based on asset prices as of 4 September 2026.

As of June 30, 2026, total US CLO collateral AUM stood at USD 1.23 trillion. The ten largest managers are Golub Capital, Blackstone, RRAM/Apollo, The Carlyle Group, Ares Management, CIFC Asset Management, UBS Asset Management, Elmwood Asset Management, BlackRock, and Bain Capital Credit.

Momentum into 2026: AUM is up 6.8% in H1 2026 alone (from €289.3bn at end-2025) and 27.1% above the end-2024 level of €243.3bn, showing no sign of the growth slowing. Market leadership: the field is led by CVC Credit Partners (€14.8bn), Blackstone (€13.3bn) and Redding Ridge Asset Management (€11.6bn). The top 5 managers hold 18.9% of AUM and the top 10 31.7%.

A sample of five top-tier CLO deals is used as a proxy for a new-issue CLO portfolio. The combined loan portfolios are rebalanced monthly, with loans priced below 92 excluded. On the liability side, the tightest DM in each week is identified, and the average of three such weekly observations is used as the monthly benchmark DM.

Please find the download link below for the latest interactive US and EU CLO primary, reset and refi issuance arranger and manager league tables. Users can customise the analysis by selecting their preferred date range, issuance type and deal type. The arranger and manager rankings will update automatically based on the selected criteria.

A sample of 1680 US BSL CLO deals (vintage 2013–1H 2025) is included in this study. Deals with a collateral pool factor below 50% are excluded.

A sample of 1,626 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 539 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 1,998 US BSL CLOs and 370 US MM CLOs is used to provide the latest snapshot of various collateral quality metrics. Deals with a collateral pool factor of less than 80% are excluded from the analysis. The downloadable file includes tables covering CDO Weighted Average Spread (Reported), CDO % CCC+ or Below (Reported), CDO % Caa1 or Below (Reported), CDO Weighted Average Rating Factor (Reported), % of Assets with Spread > 4.50%, CDO Diversity Score (Reported), Default Balance (%), CDO % of Assets that are Fixed Rate, Senior Management Fee, Subordinated Management Fee, and BB, BBB, A and AA OC Ratios.

A sample of 659 EU CLO deals is used to provide the latest snapshot of various collateral quality metrics. Deals with a collateral factor of less than 80% are excluded. The downloadable file includes tables covering CDO Weighted Average Spread (Reported), CDO % CCC+ or Below (Reported), CDO % Caa1 or Below (Reported), CDO Weighted Average Rating Factor (Reported), % of Assets with Spread > 4.50%, CDO Diversity Score (Reported), Default Balance (%), CDO % of Assets that are Fixed Rate, Senior Management Fee, Subordinated Management Fee, and BB, BBB, A and AA OC Ratios.

US CLOs’ overall exposure to Guggenheim Partners term loans is approximately USD 1.02 billion. As of 20 August 2026, 745 US CLO deals, managed by 47 managers, reported an average deal-level exposure of around 29 bps.

EU CLOs: A Look at Recent Reset Pricing