Private Credit and Middle Market CLOs: Structure, Risk, and Relative Value
17 Mar 2026
- How do loan size, covenant structures, sponsor behaviour, and liquidity in MM compare to BSL? And does this change structuring, portfolio construction, and risk management?
- How are rating agencies underwriting MM CLOs vs BSL, and which structural features are more susceptible to stresses?
- What are the real constraints on scaling MM CLOs in Europe? Warehousing, asset granularity, investor appetite, balance-sheet usage?
- In a tighter arbitrage environment, how resilient are MM equity returns, and where does relative value genuinely exist across the capital stack?
