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  • 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

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

    4 years ago

7 results found Showing page 1 of 1

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