diff --git a/lib/base/io-engine.cpp b/lib/base/io-engine.cpp
index 871981a82ad..2f945eed81c 100644
--- a/lib/base/io-engine.cpp
+++ b/lib/base/io-engine.cpp
@@ -16,28 +16,71 @@
 
 using namespace icinga;
 
-CpuBoundWork::CpuBoundWork(boost::asio::yield_context yc, boost::asio::io_context::strand&)
+CpuBoundWork::CpuBoundWork(boost::asio::yield_context yc, boost::asio::io_context::strand& strand)
 	: m_Done(false)
 {
 	auto& ioEngine (IoEngine::Get());
+	auto& sem (ioEngine.m_CpuBoundSemaphore);
+	std::unique_lock<std::mutex> lock (sem.Mutex);
 
-	for (;;) {
-		auto availableSlots (ioEngine.m_CpuBoundSemaphore.fetch_sub(1));
+	if (sem.FreeSlots) {
+		--sem.FreeSlots;
+		return;
+	}
+
+	auto cv (Shared<AsioConditionVariable>::Make(ioEngine.GetIoContext()));
+	bool gotSlot = false;
+	auto pos (sem.Waiting.insert(sem.Waiting.end(), IoEngine::CpuBoundQueueItem{&strand, cv, &gotSlot}));
+
+	lock.unlock();
 
-		if (availableSlots < 1) {
-			ioEngine.m_CpuBoundSemaphore.fetch_add(1);
-			IoEngine::YieldCurrentCoroutine(yc);
-			continue;
+	try {
+		cv->Wait(yc);
+	} catch (...) {
+		std::unique_lock<std::mutex> lock (sem.Mutex);
+
+		if (gotSlot) {
+			lock.unlock();
+			Done();
+		} else {
+			sem.Waiting.erase(pos);
 		}
 
-		break;
+		throw;
 	}
 }
 
+class SetAsioCV
+{
+public:
+	inline SetAsioCV(Shared<AsioConditionVariable>::Ptr cv) : m_CV(std::move(cv))
+	{
+	}
+
+	inline void operator()()
+	{
+		m_CV->Set();
+	}
+
+private:
+	Shared<AsioConditionVariable>::Ptr m_CV;
+};
+
 void CpuBoundWork::Done()
 {
 	if (!m_Done) {
-		IoEngine::Get().m_CpuBoundSemaphore.fetch_add(1);
+		auto& sem (IoEngine::Get().m_CpuBoundSemaphore);
+		std::unique_lock<std::mutex> lock (sem.Mutex);
+
+		if (sem.Waiting.empty()) {
+			++sem.FreeSlots;
+		} else {
+			auto next (sem.Waiting.front());
+
+			*next.GotSlot = true;
+			sem.Waiting.pop_front();
+			boost::asio::post(*next.Strand, SetAsioCV(std::move(next.CV)));
+		}
 
 		m_Done = true;
 	}
@@ -58,7 +101,11 @@ boost::asio::io_context& IoEngine::GetIoContext()
 IoEngine::IoEngine() : m_IoContext(), m_KeepAlive(boost::asio::make_work_guard(m_IoContext)), m_Threads(decltype(m_Threads)::size_type(Configuration::Concurrency * 2u)), m_AlreadyExpiredTimer(m_IoContext)
 {
 	m_AlreadyExpiredTimer.expires_at(boost::posix_time::neg_infin);
-	m_CpuBoundSemaphore.store(Configuration::Concurrency * 3u / 2u);
+
+	{
+		std::unique_lock<std::mutex> lock (m_CpuBoundSemaphore.Mutex);
+		m_CpuBoundSemaphore.FreeSlots = Configuration::Concurrency * 3u / 2u;
+	}
 
 	for (auto& thread : m_Threads) {
 		thread = std::thread(&IoEngine::RunEventLoop, this);
diff --git a/lib/base/io-engine.hpp b/lib/base/io-engine.hpp
index 622a92dd00c..f370bde6696 100644
--- a/lib/base/io-engine.hpp
+++ b/lib/base/io-engine.hpp
@@ -6,10 +6,14 @@
 #include "base/exception.hpp"
 #include "base/lazy-init.hpp"
 #include "base/logger.hpp"
+#include "base/shared.hpp"
 #include "base/shared-object.hpp"
 #include <atomic>
+#include <cstdint>
 #include <exception>
+#include <list>
 #include <memory>
+#include <mutex>
 #include <thread>
 #include <utility>
 #include <vector>
@@ -31,7 +35,7 @@ namespace icinga
 class CpuBoundWork
 {
 public:
-	CpuBoundWork(boost::asio::yield_context yc, boost::asio::io_context::strand&);
+	CpuBoundWork(boost::asio::yield_context yc, boost::asio::io_context::strand& strand);
 	CpuBoundWork(const CpuBoundWork&) = delete;
 	CpuBoundWork(CpuBoundWork&&) = delete;
 	CpuBoundWork& operator=(const CpuBoundWork&) = delete;
@@ -48,6 +52,25 @@ class CpuBoundWork
 	bool m_Done;
 };
 
+
+/**
+ * Condition variable which doesn't block I/O threads
+ *
+ * @ingroup base
+ */
+class AsioConditionVariable
+{
+public:
+	AsioConditionVariable(boost::asio::io_context& io, bool init = false);
+
+	void Set();
+	void Clear();
+	void Wait(boost::asio::yield_context yc);
+
+private:
+	boost::asio::deadline_timer m_Timer;
+};
+
 /**
  * Async I/O engine
  *
@@ -110,6 +133,13 @@ class IoEngine
 	}
 
 private:
+	struct CpuBoundQueueItem
+	{
+		boost::asio::io_context::strand* Strand;
+		Shared<AsioConditionVariable>::Ptr CV;
+		bool* GotSlot;
+	};
+
 	IoEngine();
 
 	void RunEventLoop();
@@ -120,29 +150,16 @@ class IoEngine
 	boost::asio::executor_work_guard<boost::asio::io_context::executor_type> m_KeepAlive;
 	std::vector<std::thread> m_Threads;
 	boost::asio::deadline_timer m_AlreadyExpiredTimer;
-	std::atomic_int_fast32_t m_CpuBoundSemaphore;
-};
 
-class TerminateIoThread : public std::exception
-{
+	struct {
+		std::mutex Mutex;
+		uint_fast32_t FreeSlots;
+		std::list<CpuBoundQueueItem> Waiting;
+	} m_CpuBoundSemaphore;
 };
 
-/**
- * Condition variable which doesn't block I/O threads
- *
- * @ingroup base
- */
-class AsioConditionVariable
+class TerminateIoThread : public std::exception
 {
-public:
-	AsioConditionVariable(boost::asio::io_context& io, bool init = false);
-
-	void Set();
-	void Clear();
-	void Wait(boost::asio::yield_context yc);
-
-private:
-	boost::asio::deadline_timer m_Timer;
 };
 
 /**