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Entegra Insights

Deep dive into industry insights, thought leadership, and expert perspectives from the Entegra team.

📊 Market Intelligence

Data-driven market analysis and insights from Entegra

United States (US)

2025 US CLO Visibility Rankings

Entegra has released the market's first US CLO Manager Secondary Market Visibility Rankings for 2025. Building on our visibility study, the rankings make secondary visibility measurable and comparable.

A manager's Visibility Share is calculated as the average number of CUSIPs observed (BWIC, Bid, Offer) on any given day that are mapped to that manager, divided by the total number of US CLO BSL CUSIPs visible in the market that same day.

Entegra Market Intelligence · Feb 2026

AAA US CLO New Issue Benchmark

Week Ending 4/17

Entegra has launched the market's first US CLO New Issue Benchmark, which exclusively tracks new issue AAA pricing spreads.

The Benchmark is designed to give the market a clearer reference point than manager 'tier' or broad CLO indices alone. It also includes upper and lower bounds set at one standard deviation around the central level. This gives US CLO managers a practical way to gauge their pricing power against where the market is clearing.

Entegra Market Intelligence · April 2026

Europe (EUR)

2025 EUR CLO Visibility Rankings

Entegra has released the market's first EUR CLO Manager Secondary Market Visibility Rankings for 2025. Building on our visibility study, the rankings make secondary visibility measurable and comparable.

A manager's Visibility Share is calculated as the average number of CUSIPs observed (BWIC, Bid, Offer) on any given day that are mapped to that manager, divided by the total number of EUR CLO BSL CUSIPs visible in the market that same day.

Entegra Market Intelligence · Feb 2026

AAA EUR CLO New Issue Benchmark

Week Ending 4/17

Entegra has launched the market's first EUR CLO New Issue Benchmark, which exclusively tracks new issue AAA pricing spreads.

The Benchmark is designed to give the market a clearer reference point than manager 'tier' or broad CLO indices alone. It also includes upper and lower bounds set at one standard deviation around the central level. This gives EUR CLO managers a practical way to gauge their pricing power against where the market is clearing.

Entegra Market Intelligence · April 2026

Thought Leadership

Explore published perspectives from Entegra.

Phantom Premium - Part 1: Why AAA CLO spreads reflect liquidity perception rather than credit risk

Daniel Ezra examines the persistent AAA CLO spread premium versus IG corporates and CDX.IG, arguing that credit risk and structural complexity alone do not fully explain the gap, and traces dealer balance sheet, turnover, and daily quote penetration as drivers of what is, in practice, a visibility premium.

As seen in Creditflux newsletter · Apr 2026

A White Paper on Trading as a Service: Turning Securitized Product Trading into a Growth Engine for Banks

How Trading as a Service models are enabling banks to expand product coverage and deliver client service without requiring additional balance sheet or headcount

As seen in Structured Finance Journal · Feb 2026

Part 1 - Disappearing Dealers: How The Pullback in SP Trading Balance Sheet Has Rewired Market Structure

Over the past 10 years, CLO issuance has multiplied, while dealer holdings fell. In the first of a threepart guest essay, Daniel Ezra looks at the causes of this change — and how it affects the market

As seen in Creditflux newsletter · Aug 2025

Part 2 - Vanishing Volumes: How Dealer Pullback in SP Erodes Trading Activity and Concentrates Liquidity

Declining trading volumes have deepened the divide between the largest managers and the rest

As seen in Creditflux newsletter · Sep 2025

Part 3 - Liquidity Ladder: Scale may bring attention, but visibility is emerging as the currency of market liquidity

In his third and final article, Daniel Ezra looks at how a CLO manager's visibility can impact deal pricing

As seen in Creditflux newsletter · Nov 2025

Featured Media

Entegra to launch CLO pricing benchmark for Europe

Creditflux on Entegra's European CLO visibility reports and the upcoming European CLO pricing benchmark — alongside the US launch this year.

March 2026

Visible Value: The Impact of Secondary Market Visibility on New Issue CLO Pricing

Click to explore how visibility has become the new currency of liquidity for CLO managers.

See the Study Free Visibility Report here

Freshly Squeezed Podcast featuring Daniel Ezra

Entegra to Integrate Moody's Data: Advancing Data-Driven Insight in Structured Credit Markets

Entegra announces integration with Moody's Analytics, combining comprehensive structured credit data with advanced analytics.

November 24, 2025

MUFG enhances securitisation capabilities in EMEA with support from Entegra

MUFG announces enhancement of its securitisation product offering in Europe through a solution combining market expertise and technology.

September 24, 2025

The Jentacular Shift: From Underfed Desks to Sustainable Trading Models

Brett Chappell's independent analysis looks at Trading as a Service (TaaS), examining how banks are adopting new partnership structures in fixed income markets.

October 27, 2025