July 13, 2026 01:34 PM GMT Global CLOs | North America CLO Tracker July 2026 – Our Take on New NAIC Life RBC Framework | M Downloaded by zouguanzhong@cramc.hk | Not for redistribution without written consent of Morgan Stanley | | | --- | --- | --- | | | | Idea | | July 13, 2026 01:34 PM GMT | | | | Global CLOs North America | Morgan Stanley & Co. LLC | | | | Joyce Jiang Strategist | | | CLO Tracker July 2026 – Our | Joyce.Jiang@morganstanley.com Gabriel Reyes Esclasans | +1 212 761-0165 | | | Strategist | | ...

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 ...