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11 results found Showing page 1 of 1

  • What matters is what you do with it
    CLO managers yearn for flexibility so they can take advantage when credit sells off. But it isn’t enough on its own: triple C-flex CLOs saw portfolios erode this year, while CBOs outperformed

    1 year ago
  • We’re drifting apart
    Everyone’s issuing US CLOs these days and it is tempting to believe the crowd of managers is blending into one. However, overall portfolio overlap has dropped to 37.7% across 2021 CLOs  

    1 year ago
  • Still plenty more fish in the triple C

    US CLO triple C buckets are lighter than a year ago thanks to the wave of loan upgrades from Moody’s and S&P. But 48% of downgraded paper is yet to return to a coveted single B rating

    2 years ago
  • An alternative way of looking at CLO overlap
    Analysing CLO collateral to look for overlap is critical for any CLO investor, but it is normally done either within a portfolio of CLOs or by bilaterally comparing two managers. In one of its latest research pieces, Moody’s Analytics has taken a different approach

    2 years ago
  • Woah, we’re halfway there
    Judging by the 2020 vintage, European CLO overlap is 50%. But varied approaches to holding bonds and the many loans managers turn down mean there are ways for issuers to outperform

    2 years ago
  • CLOs wheel and deal as overlap increases
    2020 CLOs are a different breed to any other vintage. But this cohort features an overlap of almost 40% as CLO issuers have been forced to focus almost entirely on secondary market loans

    3 years ago
  • Europe’s newcomers find ways to stand out
    Last year’s new European CLO managers needed to provide something different for investors. In general, they’ve succeeded, with Capital Four having one of the smallest overlap figures in our data

    3 years ago
  • Credit funds at a glance
    A round-up of fundraising and people moves in credit

    4 years ago
  • The ideal home for a loan

    European corporate loans can fit into various fund types and this year there has been an increase in managed accounts targeting these assets. But CLOs are still the best structures to house loans

    4 years ago
  • Budge up, more new managers are coming

    Room for 10 more? The average loan overlap among recent European CLOs is 48.7% – so the expected influx of new managers will have to work hard to distinguish themselves from the pack 

    4 years ago
  • It pays to eat your own cooking
    CLO managers affiliated with PE firms buy extra debt from companies owned by those firms – and it seems to give them an advantage

    6 years ago

11 results found Showing page 1 of 1

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