Among the 15 EU CLO deals priced since 25 June 2025, top-tier (tightest 10%) pricing for AAA, AA, A, BBB, BB, and B tranches was 131.4, 190, 222, 310, 560, and 850 bps, respectively. CIFC European Funding VII and Fidelity Grand Harbour CLO 2025-1 priced their AAA tranches at 131 bps — among the tightest levels recorded.
Please see the table below for the list of US BSL CLO managers who have priced a deal in June...
It is evident that the AAA tranches of top-tier deals are still priced wider than historical norms, albeit the gap has been narrowing each week. In contrast, AA tranches are largely in line with historical levels, while single-A to BB tranches are significantly tighter.
Redding Ridge celebrated a significant milestone with an AAA print of 141 bps for its RRE 19 Loan Management deal on 24 May 2024. The deal’s estimated blended WACC (AAA-BB) of around 196-197 bps is the tightest so far this year.
If the loan market continues to grind tighter, with the four-week moving average loan index’s spread migrating into the 360–390 bps range, then AAA prints may tighten to 141-143 bps, using historical trends as a guide.
Golub Capital has become the largest US CLO manager, managing $40.1 billion in US CLO AUM. Blackstone remains the largest EU CLO manager, closely followed by CVC, with Carlyle holding the third position.
