US BSL CLO Managers Ranked by MVOC (BB) as of April 24, 2026
A sample of 1,664 US BSL CLO deals (vintage 2013–1H 2025) is included in this study. Deals with a collateral pool factor below 55% are excluded.
Independent, clear, and trusted — CLO Research Group provides actionable insights for CLO debt and equity investors.
A sample of 1,664 US BSL CLO deals (vintage 2013–1H 2025) is included in this study. Deals with a collateral pool factor below 55% are excluded.
Among the 2012–2021 vintages, only 1.8% of EU CLO BB tranches show an MVOC below 100%, compared with 15.5% or US BSL CLOs. Meanwhile, 19.0% of US BSL deals report negative equity NAV, versus 15.4% for EU CLO deals.
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.
The table below shows the latest below-90 price exposure by vintage, based on asset prices as of 17 April 2026, for the sample of EU CLOs. The sample’s overall average below-90 price exposure stands at 13.6%. The top ten industries account for close to 70% of total below-90 exposure, suggesting that the build-up in idiosyncratic risk remains relatively well distributed across a range of industries.
US CLOs’ overall exposure to American Trailer World Corp term loans is approximately USD 483.9 million. As of 20 April 2026, 319 US CLO deals, managed by 24 managers, reported an average deal-level exposure of around 40 bps.
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.
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 17 April 2026.
A sample of 1,668 US BSL CLO deals (vintage 2013–1H 2025) is included in this study. Deals with a collateral pool factor below 55% are excluded.
US CLOs’ overall exposure to RealTruck (Tectum) term loans is approximately USD 823.4 million. As of 15 April 2026, 588 US CLO deals, managed by 36 managers, reported an average deal-level exposure of around 36 bps.
Yesterday was a busy day, with significant trading activity at the BB level. A total of 22 line items, amounting to around USD 59 million of US BSL BB bonds, were on the list, with just over 55% of notionals traded. Meanwhile, 12 line items totalling around EUR 28 million of notionals were listed, all of which were traded.
US CLO BB BWIC activity picked up last week, supported by slightly improved loan market sentiment. Across BB tranches with reinvestment end dates beyond 2029, discount margins showed a clear tiering effect...
A sample of 335 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 10 April 2026. The adjusted WAS also incorporates par losses.
Independent, clear, and trusted — CLO Research Group provides actionable insights for CLO debt and equity investors.
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 10 April 2026.
A sample of 1,667 US BSL CLO deals (vintage 2013–1H 2025) is included in this study. Deals with a collateral pool factor below 55% are excluded.
