Independent, clear, and trusted — CLO Research Group provides actionable insights for CLO debt and equity investors.
This file tracks reported WAS trends across 66 European CLO managers, with monthly data dating back to July 2013. Select up to ten managers from the dropdown menus to compare manager-level spread trends relative to peers and the market average over time.
This file tracks reported WAS trends across 129 US BSL CLO managers, with monthly data going back to April 2013. Select up to ten managers from the dropdown menus, and the chart will instantly compare their spreads against each other and against the market average.
A sample of 1,663 US BSL CLO deals (vintage 2013–1H 2025) is included in this study. Deals with a collateral pool factor below 55% are excluded.
A sample of 581 EU CLO deals (vintage 2013–1H 2025) is included in this study. Deals with a collateral pool factor below 60% are excluded.
A sample of 574 EU CLO deals (vintage 2013–1H 2025) is included in this study. Deals with a collateral pool factor below 60% are excluded.
A sample of 414 deals from the 1Q 2020–2Q 2025 vintages is used, excluding static deals and those with a collateral factor below 0.80. Each deal’s underlying collateral weighted average spread (WAS) is adjusted for its weighted average price (WAP) as of 1 May 2026. The adjusted WAS also takes par losses into account.
A sample of 578 EU CLO deals (vintage 2013–1H 2025) is included in this study. Deals with a collateral pool factor below 60% are excluded.
Some of the top-tier managers include Allstate, CVC, OHA, Goldentree, Barrow Hanley, Aristotle, Whitebox, Diameter and Hayfin.
As of 31 March 2026, total EU CLO collateral AUM stood at EUR 298.5 billion (USD 345 billion equivalent). The four largest managers are CVC Credit Partners, Blackstone, KKR, and Redding Ridge Asset Management, each managing over EUR 10 billion of EU CLO collateral AUM.
As of March 31, 2026, total US CLO collateral AUM stood at USD 1.21 trillion. The ten largest managers are Blackstone, Golub Capital, The Carlyle Group, Ares Management, CIFC Asset Management, Redding Ridge Asset Management, UBS Asset Management, BlackRock, Elmwood Asset Management, and Neuberger Berman.
Looking at CLO BB tranches traded via BWICs since 14 April 2026, the table below summarises DM cover levels (or best levels where DNT), grouped by manager tier and MVOC range for deals with reinvestment periods ending in 2029–2031. DMs for top-tier bonds ranged from 499 to 692 bps, mid-tier bonds from 553 to 853 bps, and lower-tier bonds from 597 to 935 bps.
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.
