July 13, 2026 11:00 AM GMT Global CLOs | North America NAIC Life RBC Approaching the Finish Line The revised Life RBC framework strengthens insurers' preference for senior CLO tranches while reducing the capital efficiency of BBB and lower-rated debt. We expect the resulting shift in demand to reinforce a steeper CLO credit curve. Key Takeaways pressure on BBBs and below Source: NAIC, Morgan Stanley Research; Note: the calculation assumes 400% RBC ratio and 10% return on capital Morgan Stanley does and seek ...