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  

HY fund is exception to rule of CLOs
CLO funds have had back-to-back years of outperformance versus credit, proving the asset class is a great place to invest, rain or shine. But a Wasserstein HY fund was the star performer in 2021  

2020 CLOs find redemption is sweet
The believers have been vindicated with 2020 CLOs among the best-performing of all time by IRR. Even those that have been reset have been a success with par flushes making for huge equity distributions.

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

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

All’s well that ends well in 2020 OC tests
Swathes of CLOs failed over-collateralisation tests last year, but unlike the drawn-out recovery following the 2008 financial crisis, the return to compliance after the covid-19 crash was rapid 

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

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

US pensions look beyond equities
US pension funds dramatically lowered their allocations to equity in the decade ending in 2016 as they diversified into illiquid and alternative assets. By Grace Jennings-Edquist

Managers pick spots on CLO curve
As refi volumes slowed through 2017, the term curve for CLOs steepened, leading managers to vary their deal tenors as they sought to hit the evolving sweet spot.

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

Five ways to master risk retention
Confused about risk retention? Sayed Kadiri provides a quick guide that covers how the various methods work, their pros and cons and which managers have used them

Citi stays top as CLOs take pause
Issuance volumes nosedived in the third quarter of this year – but still there were notable new issuers and returns to the market

Oilfield services: Drillers in deep trouble
As the oil slump continues, credits that supply drilling and other services are bearing the brunt of spending cuts

Coal mining: In a hole and still digging
Some coal prices have fallen by almost two-thirds in the past three years – and for heavily-indebted coal mining companies the outlook is black

CLO 2.0s overtake legacy market
The second quarter of 2014 shattered the post-crisis record for CLO issuance. But which managers, arrangers and service providers were part of the bonanza?

GSO Capital stretches CLO lead
GSO may be cementing its position at the top of our ranking of CLO managers by total assets under management, but beneath it the list is in constant flux

March fund returns
March fund returns

Oh Brothers, where art thou?
Lehman Brothers’ collapse scattered one of the best regarded structured credit teams in the business around the investment banks and hedge funds of the world

Managers on the breadline
New business has dried up, deals are in trouble and fees are being slashed. In these hard times, CLO managers face tough choices. Should they quit, expand or stick it out for the long run? Our analysis of industry fee income may help them weigh their options

Insolvency: France - trying to safeguard jobs
Insolvency: France - trying to safeguard jobs

Insolvency: Canada - creativity in restructuring
Insolvency: Canada - creativity in restructuring

Crunch time for CLO fees
Crunch time for CLO fees

Casinos see their long-running lucky streak come to an end
Casinos see their long-running lucky streak come to an end

Correlation wins out in 2007
Correlation funds took advantage of difficult conditions in the second half of of 2007