Freemium

Please find the download link below for the 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. Generally speaking, resets could offer substantial benefits to both debt and equity investors. 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.

Please find the download link below for the interactive primary 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.

Looking at US BSL CLO BB tranches traded via BWICs since 14 April 2026, the graph 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.

A relatively small list of EU CLO AAA bonds, including some odd lots, was traded yesterday. Despite their size, they still provide useful reference points for the term structure of AAA DMs, as summarised in the table below.

Based on a sample of 958 and 134 fully liquidated 2.0 US and EU CLO deals, respectively, EU CLO equity tranches have generally outperformed their US counterparts across vintages.

On 17 February 2026, the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) issued consultation papers outlining proposed...

Over the last twelve months, according to SCI BWIC data, around US$56.2 billion of US BSL CLO tranches were placed on BWIC. AAA tranches accounted for close to US$29.0 billion of notional, followed by equity tranches at US$8.3 billion and BB tranches at US$7.2 billion, as shown in the table below. Single-B tranches remain the least liquid segment of the capital structure.

A Goldilocks loan market environment is generally most favourable for CLO equity—aside from the pull-to-par trades observed in 2020, 2022,...

While primary issuance volumes are on track for another record year, recent secondary trading colour points to a more challenging...

Based on yesterday’s EU CLO AAA BWIC colour, DMs ranged from 69 bps to 97 bps, corresponding to WALs of 0.95 to 2.58 years. With non-short-dated reset AAAs printing at around 130 bps, the current EU CLO AAA term curve appears fairly steep.

The table below provides the full list of 71 EU CLO managers and their collateral AUM trends since 2017. Collectively, they oversee a total of €281 billion in CLO collateral assets under management (rather than CLO liabilities) as at 30 September 2025.

The table below presents the full ranking of US BSL CLO managers by collateral AUM, based on data as at 30 September 2025.

Last Friday saw several seasoned EU CLO AAA tranches trade, with cover bids ranging from 79 DM to 101 DM, corresponding to WALs of 0.85 to 2.8 years. A spread difference of around 22 bps for roughly two years’ difference in WAL highlights the important role WAL plays in AAA pricing.

News Links: CLO Equity Funds

Please refer to the table below for a list of CLO managers with global CLO collateral AUM of at least $2 billion, broken down by US BSL, US MM, and EU CLOs as of 30 June 2025.