Basic

The CLO market reached another milestone in collateral AUM, hitting US$1.5 trillion as at 30 September 2025. The EU CLO market represents roughly one-third the size of the US BSL CLO market. The table below shows the full list of CLO managers, ranked by their global CLO collateral AUM in USD billions as at 30 September 2025. Collateral AUM is used rather than CLO liabilities, as liability notionals would otherwise overstate the actual AUM.

The table below presents the collateral AUM notionals, categorised by vintage, for each EU CLO manager, based on deals priced on or before 30 September 2025.

Over 50 US BSL CLO BB tranches traded via BWIC between 27 and 29 October and on 3 and 4 November 2025. The tables below summarise benchmark* and non-benchmark DM cover levels, categorised by MVOC and reinvestment period.

Yesterday saw a nice line-up of BB tranches traded, each with a notional of one million, providing useful pricing colour....

The table below presents the collateral AUM notionals, categorised by vintage, for each US BSL CLO manager, based on data as at 30 September 2025.

As of 30 October 2025, the latest arbitrage metric stood at 264 bps—up significantly from the low of 227 bps recorded on 25 June—driven by a lower CLO WACC and wider loan spreads since then. At 264 bps, it marks the highest level year to date.

The table below shows the change in First Brands exposure by manager since 22 September 2025. In aggregate, US CLO managers have sold more than $1 billion of First Brands loans.

Below are tables presenting the MVOC (AAA-B) and EQ NAV of US BSL CLO deals by vintage, based on asset prices as of 27 October 2025.

As of 27 October 2025, the latest arbitrage metric for non-short-dated US CLOs stood at approximately 210 bps, representing a clear recovery from the sub-200 levels recorded in late July and early August.

Below are tables presenting the MVOC (AAA-B) and EQ NAV of EU CLO deals by vintage, based on asset prices...

Yesterday saw two seasoned EU CLO BB tranches on BWIC. Both were DNT, though price colour was disclosed.

Magnetite XXXVII CLO was reset last Friday, cutting its WACC by roughly 65 bps from 216 bps to around 151 bps, while extending its reinvestment period by two years. The reduction in funding cost broadly offsets the underlying collateral spread compression of about 63 bps.

Below are tables presenting the MVOC (AAA-B) and EQ NAV of EU CLO deals by vintage, based on asset prices as of 17 October 2025.

Below are tables presenting the MVOC (AAA-B) and EQ NAV of US BSL CLO deals by vintage, based on asset prices as of 17 October 2025.

On 15 October 2025, several single-B tranches traded with cover bids ranging from 825 DM to 1,001 DM, and MVOCs ranging from 102h to 105h.