RRE 18 Reset Pricing Versus Recent Market Norms
RRE 18’s headline AAA tranche priced tightly at 123 bps. Even so, at this level it continues to offer reasonable value relative to other recent reset transactions.
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RRE 18’s headline AAA tranche priced tightly at 123 bps. Even so, at this level it continues to offer reasonable value relative to other recent reset transactions.
What Asset Spread Compression Means for AAA-to-Single-A EU CLO Pricing
US CLOs’ overall exposure to Sitel Worldwide TLs is approximately USD 740.1 million. As of 23 January 2026, 435 US CLO deals, managed by 41 managers, reported an average deal-level exposure of around 57 bps. EU CLOs’ overall exposure to Sitel Worldwide TLs is approximately EUR 424.7 million. As of 23 January 2026, 180 EU CLO deals, managed by 30 managers, reported an average deal-level exposure of around 69 bps.
A sample of 91 EU CLO deals, closed in 2025 with reinvestment periods ending between 2029 and 2030, is included in this study.
US CLOs’ overall exposure to Learning Care Group TL is approximately USD 637.8 million. As of 21 January 2026, 637 US CLO deals, managed by 36 managers, reported an average deal-level exposure of around 22 bps.
US CLOs’ overall exposure to SkillSoft 7/21 Cov-Lite is approximately USD 332 million. As of 20 January 2026, 345 US CLO deals, managed by 16 managers, reported an average deal-level exposure of around 25 bps.
A sample of 583 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 EQ NAV of US BSL CLO deals by vintage, based on asset prices as of January 16, 2026.
A sample of 1,723 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 (AAA-B) and EQ NAV of EU CLO deals by vintage, based on asset prices as of 16 January 2026.
This article examines how US CLO AAA tranches may look under various scenarios.
US CLOs’ overall exposure to Multi-Color 10/21 (USD) Cov-Lite TL is approximately USD 431 million. As of 16 January 2026, 297 US CLO deals, managed by 17 managers, reported an average deal-level exposure of around 35 bps.
US CLOs’ overall exposure to the Balcan Innovations term loan is approximately USD 355.4 million. As of 15 January 2026, 308 US CLO deals, managed by 23 managers, reported an average deal-level exposure of around 25 bps.
This article explores the periods during which entry into the EU CLO mezzanine market has historically been more favourable.
A sample of 1,731 US BSL CLO deals (vintage 2013–1H 2025) is included in this study. Deals with a collateral pool factor below 55% are excluded.
