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  • From zero to hero
    CLO ETFs have grown into a $5bn market and proved their worth in difficult periods. We sat down with managers in the space to discuss these achievements — and what the future holds

    4 months ago
  • Can someone call the triple A? We’ve stalled
    CLO issuers are in need of AAA roadside assistance. Despite the emergence of new buyers, a lack of senior CLO investors — particularly US banks — has brought the primary market to a halt  

    1 year ago
  • You seem familiar
    The overlap between European CLOs has risen to 51.6%, but the largest issuers are only slightly more aligned to their peers at 55.19% — so bonds are proving to be an important differentiator

    1 year ago
  • Arb work pays off
    With day-one arbitrage alone delivering projected CLO cash-on-cash returns of 20-25%, 2021 may have been the best year ever for equity investors — at least until CLO spreads began to widen  

    1 year 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
  • Elements work against CLO managers in Q3
    CLO equity distributions fell in Q3 largely due to factors, such as Libor mismatches, that CLO managers can’t control. But these headwinds could turn in favour of managers in the near future

    3 years ago
  • Managers weigh up matters of principal
    CLO managers that were able to avoid OC traps made double-digit equity distributions in Q2, despite the headwinds. But these firms tended not to be among those that built the most par

    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
  • We’ve survived before, we can do so again

    $7.8 billion of CLO collateral, split evenly between the US and Europe, is in the loans that have fallen fastest in the past month. But short term CLO pain will bring opportunities for building par

    3 years ago
  • CLOs at a glance: CLO primary market grinds to a halt
    A round-up of CLO performance

    3 years ago
  • CSAM sees sun after nine years in shade

    Credit Suisse Asset Management has become the leading CLO manager by assets under management globally after finally topping perennial leader GSO Capital Partners. However, CSAM's lead is the size of just one CLO

    4 years ago
  • Issuers fashion new outfits for junior mezz

    Junior CLO tranches have lost around five points in the past quarter. In response, new issue desks are dressing up junior debt in two piece suits and designing a range of protective styles

    4 years ago
  • CLOs at a glance: innovations arrive as year draws to close

    A round-up of CLO performance

    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
  • CLOs at a glance

    A round-up of CLO performance

    4 years ago
  • Managers slide down term curve
    PGIM and Voya were among managers issuing short dated deals in the first quarter. These CLOs, along with a surge in b-wics, kept up the supply of short dated paper as refinancings fell away

    4 years ago
  • Keep calm and buy corporate loans
    Calm heads prevailed in 2018. Markets were volatile and risk retention was supposed to cause problems, but there was no need to panic and volumes went on to break records set in 2014

    5 years ago
  • Updated, upgraded and ready to launch
    Whether it’s a software update or a full-blown upgrade to a newer model, CLO technology is advancing fast, with Be-Spoke and Ellington the latest to launch new types of securitisations

    5 years ago
  • Tastes change in secondary trading
    Our analysis of the secondary market shows that, since 2013, appetite for CLOs run by tier one managers persists through market dips and rallies.

    5 years ago
  • Who predicted $145 billion of issuance?
    That went better than expected: US risk retention came in, and $145 billion of global new issuance later, it’s clear that CLOs aren’t disappearing. By Tanvi Gupta and Sam Robinson

    6 years ago

20 results found Showing page 1 of 1

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