CLO Equity Performance: Top-Tier US BSL CLO Managers
This analysis examines a sample of 1,456 deals currently within their reinvestment periods.
This analysis examines a sample of 1,456 deals currently within their reinvestment periods.
Below are tables presenting the MVOC (AAA-B) and EQ NAV of US BSL CLO deals by vintage, based on asset prices as of June 09, 2025.
This study includes a sample of 490 EU CLO deals from 2013 to 2023 vintages.
With the rally in loan prices, the number of US BSL CLO deals with negative equity NAV has declined from 317 to 168 since 21 April 2025. Among single-B tranches, the number with a market value over-collateralisation (MVOC) below 100% has fallen from 169 to 126 over the same period.
A total of 317 US BSL CLO deals are now showing a negative equity NAV, including 95 deals from the 2018 vintage. Among single-B tranches, 169 out of 411 deals—or 41%—have an MVOC below par.
In contrast, there were no EU CLO deals with negative equity NAV as of 7 March, but by 14 April 2025, 22 deals—or 4.3% of the total sample—had moved into negative territory.
