As of 17 November 2025, the latest arbitrage metric stood at 257 bps—up significantly from the low of 227 bps recorded on 25 June—driven by a lower CLO WACC and wider loan spreads since then. Overall, arbitrage has strengthened considerably since late June 2025 and is now broadly in line with conditions seen earlier in the year. But the current backdrop is less favourable than it was in late January.
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