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CLO legal league tables Q2 25 — Regulation and tariffs can’t stop the CLO market
Sam Robinson
+Victoria Zhuang
+ 1 more
•6 min read
The CLO market in the US and Europe overcame a rocky start to the quarter to restart the pricing machines, putting both regions on track for a record breaking year.
The US has seen 547 CLO transactions as of the end of Q2, representing over $250bn in volumes, compared to 472 totalling $208bn at the same point last year. In Europe we’ve had 121 pricings nearing €50bn in total value compared to 95 deals worth €32.8bn in 2024.
In the US, Milbank remained top of the manager counsel table in the BSL space, taking a 21.2% market share, but Latham & Watkins pushed up to second place from third, and Clifford Chance took third spot.
On the arranger counsel side, Paul Hastings retained a commanding lead, having worked on 190 mandates by the end of Q2, although its market share shrunk slightly from 39.6% to 37.6%. Cawalader retained the second spot, but Mayer Brown pushed into third position, with A&O Shearman only working on six mandates in a quarter where it lost a number of partners.
Download the full league tables below to get rankings for manager and arranger counsels across mid-market, BSL, and more.
