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Around 180 EU CLO deals have been reset at least once since the reset market reopened in September 2023, following a hiatus with no resets priced between April 2022 and August 2023. Of these 180 deals, 71 included additional equity notional at reset, amounting to a combined total of around €1.1 billion.
The table below shows the additional equity notional across reset deals by manager. Among US BSL CLO platforms, Carlyle, Ares, Neuberger Berman, UBS AM, BSP, and CIFC each saw more than...
Below are tables presenting the MVOC (AAA-B) and EQ NAV of US BSL CLO deals by vintage, based on asset...
Of the 80 largest US CLO managers, 34 have a highly favourable AUM breakdown by reinvestment period (RP), with less than 5% of their total US CLO AUM outside RPs. Thanks to the resets and redemptions of older deals, the RP profile of many managers has become considerably more favourable, with fewer deals now outside their reinvestment periods.
Looking at BSL CLO BB tranches traded via BWIC between 27–29 October and 3–6 November 2025, the tables below summarise the benchmark* and non-benchmark DM cover levels, categorised by MVOC and reinvestment period. Comparing some of the top-tier bonds with reinvestment periods ending in 2029–2030 and MVOCs between 106 and 107h on 27 October and 6 November, the market appears stable, with little change observed.
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.
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.
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.
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 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.
