AA CLO Investors Find Value in BBAM European CLO IV Reset (Updated)
BBAM European CLO IV’s reset was recently priced, with its AA tranche coming in at 190 bps.
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BBAM European CLO IV’s reset was recently priced, with its AA tranche coming in at 190 bps.
Among managers with three to ten deals in the sample, Barrow Hanley, Diameter Capital, Whitebox, Warwick Capital, Hayfin Capital, Wellington Management, New Mountain Capital, and Post Advisory performed very well from an MVOC perspective.
Avoca CLO XXIX was recently reset, with its AAA tranche pricing at 128 bps — the tightest among recent resets.
RRE 6 Loan Management’s reset was recently priced, with its AAA tranche at 131 bps, the tightest among its reset peers. But it still offers strong value to investors.
Please refer to the table below, which shows the 2.0 BSL CLO AUM trends for each US BSL CLO manager since 2012. The AUM (in billions of dollars) for each period is based on CLO deal pricing dates and the notional of the underlying collateral, rather than CLO liability notional. For consistency, the AUM figures for each manager have been adjusted to reflect mergers and acquisitions as well as changes in management contracts. The top ten US BSL CLO managers are Blackstone, Carlyle, UBS AM, CIFC, RRAM, Octagon, Ares, Neuberger Berman, Sound Point, and Elmwood. As of 30 June 2025, 33 managers oversaw at least $10 billion of BSL CLO AUM, with 12 of them managing $20 billion or more.
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Four top-tier reset AAA prints at 125bps were reported recently, each showing a different value relative to risk.
Yesterday, three US CLO BB bonds appeared on BWIC (source: SCI), with DMs ranging from 546 to 717, depending on their MVOC and WAL.
A sample of 1,674 US BSL CLO deals (vintage 2013–2024) is included in this study. Deals with a collateral pool factor below 55% are excluded.
Some of the top-performing EU CLO managers include RRAM, Brigade Capital, Guggenheim Partners, Partners Group, and Bridgepoint Credit Management.
Some of the top-performing managers include Diameter Capital, Oak Hill Advisors, Benefit Street Partners, Clover, Whitebox Capital Management, Allstate Investments, and BlackRock Financial Management.
Today, Blackstone’s Allegany Park refinancing priced, reducing its WACC by 22 bps from 175 bps to 153 bps. The deal...
Signal Harmonic CLO I’s reset priced its AAA tranche at 140 bps. At first glance, this may seem wide compared with peers, but...
Between 8 and 12 August, more than 10 BSL CLO AAA tranches still within their non-call periods changed hands, with every bond trading above par. The graph below shows that, across bonds managed by managers of all tiers, discount margins (DMs) to call rose in step with weighted average lives (WALs) to call, forming an upward-sloping term curve.
A sample of 554 EU CLO deals (vintage 2013–2024) is included in this study. Deals with a collateral pool factor below 60% are excluded.
