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As shown in the table below, exposure to the RLG Holdings Inc (Resource Label) term loan exposure across US CLOs appears manageable, with average deal-level exposure of around 35 bps across 372 US CLO deals managed by 23 managers, based on an Intex run as of 21 November 2025.
The Elm Park CLO reset extended its reinvestment end date by roughly 4.6 years, while its WACC rose by around 39 bps, from 166 bps to 205 bps. As a result of the reset, the existing AAA tranche, which carries a spread of only 82 bps, will be fully redeemed, allowing AAA investors to redeploy proceeds into newer, longer-dated AAA bonds at materially wider spreads — potentially benefiting from the steepness of the current AAA term curve.
As shown in the table below, exposure to the Cast & Crew LLC term loan across US CLOs appears manageable, with average deal-level exposure of around 36 bps across 542 US CLO deals managed by 32 managers, based on an Intex run as of 20 November 2025.
The recent pricing of the Contego CLO XII reset extended its reinvestment end date by roughly 1.5 years and reduced its WACC by around 72 bps, from 282 bps to 210 bps, more than offsetting the collateral spread compression of approximately 43 bps that the deal has experienced since its first reporting date in February 2024.
As of 17 November 2025, the latest arbitrage metric stood at 257 bps—up significantly from the low of 227 bps recorded on 25 June—driven by a lower CLO WACC and wider loan spreads since then. Overall, arbitrage has strengthened considerably since late June 2025 and is now broadly in line with conditions seen earlier in the year. But the current backdrop is less favourable than it was in late January.
The recent pricing of the Penta CLO 12 reset extended its reinvestment end date by roughly 1.5 years and reduced its WACC by around 38 bps, from 235.5 bps to 197.5 bps, helping to offset the rapid collateral spread compression of approximately 42.7 bps that the deal has experienced since its last refinancing in May 2024.
The first table in this article shows the average annualised prepayment rates for each seasoned manager in the first, second, third, fourth, and fifth years of the post-reinvestment period (post-RP). The sample includes deals that had exited their reinvestment periods by 31 December 2024.
The table below shows US CLO managers’ notional exposure to Optiv across 88 CLO deals. Overall exposure within US CLOs is relatively small, totalling just US$129 million, with a median exposure of only 30 bps across the 88 deals.
As of November 14, 2025, the latest arbitrage metric for non-short-dated US CLOs stood at approximately 211 bps, representing a clear recovery from the sub-200 levels recorded in late July and early August.
The reset of Katayma CLO 1, managed by Blue Owl Loan Insurance Management, reduced its WACC by around 94 bps....
Oak Hill Advisors, Allstate, and CVC Credit Partners ranked highest among managers with at least 11 deals in the sample.
The reset of Bridgepoint CLO VI reduced its WACC by 29.4 bps, more than offsetting the 27.2 bps decline in its collateral WAS since its first reporting date in August 2024. This reset saw its AAA tranche tighten by 19 bps, from 149 bps to 130 bps. At 130 bps, the AAA tranche represents strong value for AAA investors.
As shown in the table below, exposure to the Prince International/Chromaflo/Ferro loan across US CLOs appears manageable, with average deal-level exposure of around 41 bps across roughly 760 US CLOs managed by 44 managers.
Around 180 EU CLO deals have been reset at least once since the reset market reopened in September 2023, following a hiatus with no resets priced between April 2022 and August 2023. Of these 180 deals, 71 included additional equity notional at reset, amounting to a combined total of around €1.1 billion.
A sample of 539 EU CLO deals (vintage 2013–2024) is included in this study. Deals with a collateral pool factor below 60% are excluded.
