Window Shopping: CLO Secondaries and the ETF Wave
17 Mar 2026
- How has secondary liquidity in European CLO tranches evolved, and where do bid/offer dynamics break down under market stress?
- What role are CLO ETFs playing in shaping secondary demand, price discovery, and volatility? How does this differ, and what lessons can be learned, from the U.S.?
- What are the opportunities arising from growing retail-isation of CLO ETFs? How can these structures help accelerate market growth, and what should managers be considering when looking to develop an ETF?
- How should managers and investors think about mark-to-market risk, forced selling, and liquidity assumptions across tranches?
