US CLO Spreads: BBs Lead Widening as AAA Pricing Holds Firm
October 20, 2026
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Tier-1 US BSL CLO spreads widened across all rating classes in the week commencing 12 October, partially reversing September’s tightening. BBs led the move, widening by 60 bps to 500 bps from late September, while AAAs edged just 0.7 bps wider to 118.5 bps. AA and BBB spreads also retreated from their September lows, while A spreads rose more modestly. The widening was concentrated in junior debt, pushing the AAA–BB spread gap from 322.2 bps to 381.5 bps. But mezzanine spreads remained well below their March peaks.
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