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Woah, we’re halfway there
3 years ago
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 -
Waiting for afters
3 years ago
Day one arb remains important, but last year there were opportunities aplenty in the secondary market, which put the onus on printing CLOs and waiting for the day after non-call periods expired -
Europe’s newcomers find ways to stand out
3 years ago
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 -
Market rallies as key CLO investor retreats
A key CLO triple A investor dropped back from the market in the second quarter of 2019, but, remarkably, CLO spreads tightened as repricings came back and other investors drove demand4 years ago -
It pays to eat your own cooking
6 years ago
CLO managers affiliated with PE firms buy extra debt from companies owned by those firms – and it seems to give them an advantage
5 results found Showing page 1 of 1
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