Basic

Please find the download link below for the latest interactive US primary and reset CLO issuance arranger and manager league tables. Users can customise the analysis by selecting the relevant date windows and deal types, with the arranger and manager rankings updating automatically based on the chosen criteria. From a debt perspective, a reset resembles a significant prepayment event, with all debt tranches prepaid at par. Lower mezzanine tranche investors, in particular, typically favour deals with a higher likelihood of being reset, as it provides a safeguard similar to an effective insurance policy. For underperforming deals, lower mezzanine tranches with low MVOCs might trade at a discount, even in strong loan markets. A reset pulls these tranches back to par, thereby mitigating losses. Equity investors could also derive considerable value from resets.

A sample of 333 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 June 5, 2026.

Please find the download link below for the latest interactive new-issue CLO issuance arranger and manager league tables. Users can customise the analysis by selecting the relevant date windows, currency, and deal type, with the arranger and manager rankings updating automatically based on the chosen criteria.

In the US BSL CLO market, 12 and 27 managers offer average pairwise overlap levels of below 50% across their optimal five-deal and three-deal combinations, respectively. The table below presents the average pairwise overlap for these optimal combinations by manager.

Is it possible to achieve low overlap among three deals from the same EU CLO manager? In the EU CLO market, 18 managers offer an average pairwise overlap of less than 50% across their optimal three deals.

Among the 2012–2021 vintages, only 0.3% of EU CLO BB tranches show an MVOC below 100%, compared with 15.9% for US BSL CLOs. Meanwhile, 19.5% of US BSL deals report negative equity NAV, versus 11.7% for EU CLO deals.

Yesterday’s US BB CLO BWIC highlighted strong demand for top-tier names with higher MVOC levels, as reflected in their tighter DM prints relative to benchmark levels. Benchmark levels refer to the average DM prints by MVOC and manager tiering, based on BWIC trading colour observed since mid-April.

Please find below the download link for the interactive CLO manager collateral AUM ranking tables.

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 15 May 2026.

Using a sample of US BSL CLO BB bonds with reinvestment end dates between 2029 and 2031 that have been placed on BWIC since 14 April (with released trading colour), it is interesting to observe that both MVOC and manager tiering play an important role in pricing. As the loan market improves, MVOC generally strengthens, allowing BB bonds to trade at tighter levels. That said, for top-tier bonds, pricing appears to become less sensitive to further improvements in MVOC once it reaches a level of around 106.

Quite a number of top-tier reset deals priced this month, including deals from OCP, Barrow Hanley, CIFC, AIMCO, and OHA, with blended AAA tranches pricing in the range of 121–129 DM.

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 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.

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.

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.