Pull to Par: The Risks of Paying a Premium and the Rewards of Buying at a Discount
June 26, 2026
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Over the past year, more than 2,000 BWIC line items for rated EU CLO bonds have been observed. Among them, 261 line items across the AAA to single-B rating spectrum were called at par. Of these, 218 had a cover price at or above par, while 43 had a cover price below par.
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