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The table below shows the top 50 managers by BWIC traded volume from September 2023 to August 2026, alongside their CLO AUM shares as of June 2026. The comparison between BWIC traded-volume shares and CLO AUM shares highlights several striking differences:
This study is based on a sample of 1,806 U.S. BSL CLO deals. Static deals are excluded from the analysis. Equity performance remains one of the most closely watched measures of CLO manager performance, given its importance to a broad range of stakeholders. A manager that consistently delivers for equity investors may be better positioned to attract equity capital for future deals, which in turn can support continued issuance and the further growth of its CLO platform.
Over the past three years, managers’ shares of total traded BWIC volume across the capital structure, from AAA to equity, were generally aligned with their shares of total CLO AUM. CVC’s shares were identical at 5.0%, while Blackstone, UBS Asset Management and ICG also showed a close relationship. HPS, Voya, BlackRock, Sound Point and Investcorp accounted for noticeably higher shares of traded volume than AUM, indicating relatively greater secondary-market turnover. By contrast, Redding Ridge, Palmer Square, KKR, Hayfin and Barings were less represented in BWIC trading relative to their AUM shares.HPS, Voya, BlackRock, Sound Point and Investcorp accounted for noticeably higher shares of traded volume than AUM, indicating relatively greater secondary-market turnover. By contrast, Redding Ridge, Palmer Square, KKR, Hayfin and Barings were less represented in BWIC trading relative to their AUM, potentially indicating a higher proportion of buy-and-hold investors.
Based on SCI’s BWIC data, US CLO BWIC activity over the past five years has seen meaningful shifts in both trading patterns and liquidity. BB tranches stand out for their high secondary-market turnover relative to their share of outstanding balances. BWIC execution has recovered steadily from the 2023–24 low, while fewer but larger trades have characterised the market more recently, particularly in AAA. Traded prices have also recovered strongly from the 2022–23 lows across CLO debt tranches, although performance has varied across the capital structure.
A sample of 664 EU CLO deals is used in this study. Called deals and static deals are excluded from the sample. Equity performance remains one of the most closely watched measures of CLO manager performance, given its importance to a broad range of stakeholders. A manager that consistently delivers for equity investors may be better positioned to attract equity capital for future deals, which in turn can support continued issuance and the further growth of its CLO platform. EU CLO Managers such as Bridgepoint Group, Napier Park, Partners Group, Redding Ridge Asset Management, and UBS Asset Management stand out...
Over the past five years, €76.1bn of European CLO paper was shown on BWICs, of which €47.7bn traded (source: SCI’s BWIC data), implying an overall hit rate of 62.7%. While AAAs accounted for the largest share of traded volume, they changed hands far less frequently relative to their weight in a typical CLO. Mezzanine tranches punched well above their structural weight, led by BBs, while single-B trading surged in the latest year—highlighting where secondary-market activity is most concentrated and opportunistic investors are most active.
Please find the download link below for the latest interactive US and EU CLO primary, reset and refi issuance arranger and manager league tables. Users can customise the analysis by selecting their preferred date range, issuance type and deal type. The arranger and manager rankings will update automatically based on the selected criteria.
A sample of 1680 US BSL CLO deals (vintage 2013–1H 2025) is included in this study. Deals with a collateral pool factor below 50% are excluded.
A sample of 1,231 CLO equity tranches from fully redeemed deals is used in this study. Some of the top-performing BSL CLO managers include...
The table in this article presents the IRRs by vintage for fully liquidated US CLO deals from the 2012 to 2023 vintages, based on a sample of 1,230 deals. The top-quartile deals within each vintage generally delivered at least low-teens IRRs, with the exception of the 2014, 2016, 2017 and 2018 vintages. These weaker-performing vintages generally exhibited both below-average annual distributions and lower final equity NAVs. For example, average annual distributions for the 2014, 2016, 2017 and 2018 vintages were 13.6%, 13.3%, 12.4% and 13.4%, respectively. Typically, CLO portfolios can lose spread relatively quickly in a strong loan market, but take considerably longer to rebuild spread when the market weakens, given that CLOs are largely fully invested.
EU CLOs: A Look at Recent Reset Pricing
US BSL CLOs: Thoughts on Recent Reset Pricing
Across the 171 EU CLO deals that have been redeemed, the overall average IRR was 11.8%. The top quartile of deals achieved IRRs of at least 13.5%, while the bottom quartile recorded IRRs below 7.3%. Notably, the top 25% of deals within each vintage delivered minimum IRRs in the low teens, except for the 2017 and 2019 vintages, broadly in line with the returns typically marketed for CLO equity at primary issuance.
A sample of 538 fully repaid EU CLO BB tranches with disclosed issue prices or DMs is included in this study. Overall, their performance has been very impressive, with an average realised IRR of 10.1%.
Please find the download link in this article for the overlap optimisation model. The model allows users to select up to 100 US and/or EU CLO deals from a user-defined pool of deals and identifies the optimal combination to minimise overlap.
