US BSL CLO Managers Ranked by MVOC (BB) as of March 13, 2026
Generally speaking, managers that previously achieved top-tier performance have continued to perform well.
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Generally speaking, managers that previously achieved top-tier performance have continued to perform well.
Among the 2012–2021 vintages, only 2.4% of EU CLO BB tranches show an MVOC below 100%, compared with 22.2% for US BSL CLOs. Meanwhile, 25.5% of US BSL deals report negative equity NAV, versus 28.0% for EU CLO deals.
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.
The table below shows the latest notional exposure of US CLO managers to Optiv. Overall exposure across US CLOs has declined from US$129 million to US$97.9 million.
Looking at discounted BSL CLO BB tranches traded via BWICs since 8 January 2026, the tables below summarise DM cover levels, grouped by manager tiering and MVOC, for deals with reinvestment periods ending in 2029/30 and 2026/27.
Among the 2012–2021 vintage deals, only 2.1% of EU CLO BB tranches show an MVOC below 100%, compared with 23% for US BSL CLOs. Coincidentally, around 26.1% of both US BSL and EU CLO deals report negative equity NAV.
A sample of 1,693 US BSL CLO deals (vintage 2013–1H 2025) is included in this study. Deals with a collateral pool factor below 55% are excluded.
Among managers with at least eight deals in the sample, four delivered top-tier performance in early 2025. As of the latest reading, the same four managers remain in the top quartile.
US CLOs’ overall exposure to the Tempo Acquisition (Alight Solutions) term loan remains largely unchanged at approximately USD 1.44 billion. As of 6 March 2026, 955 US CLO deals, managed by 65 managers, reported an average deal-level exposure of around 37 bps.
EU CLOs’ overall exposure to the ION Platform term loan is approximately EUR 1.49 billion. As of 6 March 2026, 395 EU CLO deals, managed by 50 managers, reported an average deal-level exposure of around 92 bps.
EU CLOs’ overall exposure to Think-Cell TLs is approximately EUR 416 million. As of 6 March 2026, 161 EU CLO deals, managed by 16 managers, reported an average deal-level exposure of around 66 bps.
As of 6 March 2026, the arbitrage metric for non-short-dated US CLOs has improved significantly, reflecting a materially wider four-week moving-average loan discounted spread relative to the widening in liability spreads. At approximately 202 bps, this has returned to levels last seen in early January 2025.
Among managers with at least eight deals in the sample, four delivered top-tier performance in early 2025. As of the latest reading, those same four managers remain in the top quartile.
More broadly, managers that previously achieved top-tier performance have generally continued to perform well.
Generally speaking, managers that previously achieved top-tier performance have continued to perform well.
