Independent, clear, and trusted — CLO Research Group provides actionable insights for CLO debt and equity investors.
If you’re an *investor*, we invite you to register with us using your business email address to gain complimentary access to our freemium content.
If you’re interested in learning more about the premium content or would like a walkthrough of the website via Zoom, please don’t hesitate to email info@clopremium.co.uk.
As of June 30, 2026, total US CLO collateral AUM stood at USD 1.23 trillion. The ten largest managers are Golub Capital, Blackstone, RRAM/Apollo, The Carlyle Group, Ares Management, CIFC Asset Management, UBS Asset Management, Elmwood Asset Management, BlackRock, and Bain Capital Credit.
As at 30 June 2026, total European CLO collateral AUM stood at €309.1bn. The three largest managers were CVC Credit Partners, Blackstone and Redding Ridge Asset Management, each managing more than €11bn of European CLO collateral.
The chart below presents the average realised IRRs of fully repaid EU CLO tranches across the AAA to BB rating spectrum. Further details and analysis are available to CLOPremium subscribers.
Please see the tables below for the latest median MVOC metrics across the US and EU CLO capital structure.
Over the past month, trading colour was available for more than 470 data points (source: SCI). The table below presents the average DMs and DMs to first call based on cover bids, grouped by WAL cohort.
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.
