US CLO Primary Pricing: Relative Value Across the Capital Structure
November 10, 2026
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US BSL CLO pricing gaps are generally wider than they have been over the past year, particularly for BB tranches. The AAA–BB gap currently stands at 421bps, placing it at the 95th percentile over the past 26 weeks and the 87th percentile over both one and two years. The BBB–BB gap of 268bps is also relatively wide, ranking at the 90th percentile across all three periods.
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