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EU CLO Managers: Rankings Based on MVOC (BB)

A sample of 557 EU CLO deals (vintage 2013–2023) is included in this study. Deals with a collateral pool factor below 65% are excluded. Market Value Over-Collateralization (MVOC), for instance, at the BB tranche level, is calculated by dividing the collateral market value (MV) by the sum of CLO liabilities (AAA to BB). MVOC is a crucial point-in-time metric for pricing CLO-rated tranches, closely monitored by primary and secondary market participants.

Generate CLO 4 Reset

Thanks to the solid performance of the deal, no new equity capital was needed, and only a small class X tranche was added.

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Barings Euro CLO 2014-2

According to LCD News, Barings has announced the liquidation of Barings Euro CLO 2014-2, with the expected redemption date set for 31 July. This deal was issued on 4 November 2014. It was reset on 25 May 2017, pushing out its original reinvestment end date from 25 November 2018 to 25 May 2021.

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US and EU CLOs: Senior AAA Flows and Spread Movements

Due to the slower pace of amortization during the post-reinvestment period, net senior AAA supply for EU CLOs was positive in Q2-to-date, contrasting with US BSL counterparts. Despite these differing supply dynamics, senior AAA spreads tightened by approximately 13 bps and 16 bps for top-tier US CLO and EU CLO managers, respectively, during this period.

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