The table below shows the top 50 managers by BWIC traded volume from September 2023 to August 2026, alongside their CLO AUM shares as of June 2026. The comparison between BWIC traded-volume shares and CLO AUM shares highlights several striking differences:
Over the past three years, managers’ shares of total traded BWIC volume across the capital structure, from AAA to equity, were generally aligned with their shares of total CLO AUM. CVC’s shares were identical at 5.0%, while Blackstone, UBS Asset Management and ICG also showed a close relationship. HPS, Voya, BlackRock, Sound Point and Investcorp accounted for noticeably higher shares of traded volume than AUM, indicating relatively greater secondary-market turnover. By contrast, Redding Ridge, Palmer Square, KKR, Hayfin and Barings were less represented in BWIC trading relative to their AUM shares.HPS, Voya, BlackRock, Sound Point and Investcorp accounted for noticeably higher shares of traded volume than AUM, indicating relatively greater secondary-market turnover. By contrast, Redding Ridge, Palmer Square, KKR, Hayfin and Barings were less represented in BWIC trading relative to their AUM, potentially indicating a higher proportion of buy-and-hold investors.
Based on SCI’s BWIC data, US CLO BWIC activity over the past five years has seen meaningful shifts in both trading patterns and liquidity. BB tranches stand out for their high secondary-market turnover relative to their share of outstanding balances. BWIC execution has recovered steadily from the 2023–24 low, while fewer but larger trades have characterised the market more recently, particularly in AAA. Traded prices have also recovered strongly from the 2022–23 lows across CLO debt tranches, although performance has varied across the capital structure.
Over the past five years, €76.1bn of European CLO paper was shown on BWICs, of which €47.7bn traded (source: SCI’s BWIC data), implying an overall hit rate of 62.7%. While AAAs accounted for the largest share of traded volume, they changed hands far less frequently relative to their weight in a typical CLO. Mezzanine tranches punched well above their structural weight, led by BBs, while single-B trading surged in the latest year—highlighting where secondary-market activity is most concentrated and opportunistic investors are most active.
Yesterday saw a relatively long list of US and EU CLO BB bonds on BWIC according to SCI’s BWIC data, providing an interesting comparison between the two markets, particularly in terms of MVOC, extension risk and secondary-market DMs.
This week saw 22 line items of longer-dated EU CLO single-B bonds, totalling EUR 66.8 million, trade with released cover levels according to SCI's BWIC data. All of the bonds have reinvestment periods ending in 2029 or 2030. DMs ranged from a tight 870 to 973.
