In EU CLOs, total exposure to Merlin TL stands at €531.3m across 245 deals and 34 managers, averaging €2.17m per deal, or 0.56% of portfolio size. Exposure is relatively concentrated among a small group of managers. In comparison, US CLO exposure to Merlin TL totals $1.03bn across 701 deals and 42 managers, averaging $1.46m per deal, or 0.31% of portfolio size. Despite the larger overall exposure, it is spread across considerably more deals, resulting in a notably lower average exposure per deal relative to portfolio size than in EU CLOs.
