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Banks predict steady year ahead
5 months ago
It’s the season for predictions and the CLO market is no exception, with all the banks having their say. We’ve rounded up their forecasts for new issuance and resets in the US and Europe -
Question your assumptions
10 months ago
Valuing CLO paper is complicated, and loan prepayments are one of the trickiest parts. When pricing a new issue CLO, the market generally assumes that 15-20% of loans will prepay their principal annually. This prepayment rate is important because it essentially determines the pace at which a CLO’s rated debt is paid off after the reinvestment period, when the CLO pays down its own principal. -
You seem familiar
2 years ago
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 -
An alternative way of looking at CLO overlap
2 years ago
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 -
Chin up – it’s been a pretty good effort
3 years ago
CLO managers did well to survive the covid-19 crash in loan valuations — but they failed to fully capitalise on the ensuing volatility, say participants in the Creditflux CLO Census 2020 -
Elements work against CLO managers in Q3
3 years ago
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 -
Updated, upgraded and ready to launch
5 years ago
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 -
Evolving strategy takes Norinchukin close to top spot in CLO investment
5 years ago
Over the years, Nochu has tweaked its cov-lite stipulations, and added mid market and European CLO exposure to its CLO investments. It’s now nearly the market’s biggest investor -
Managers pick spots on CLO curve
6 years ago
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. -
Leading fund: Lupus Alpha CLO Opportunity Notes I
6 years ago
Single-B CLO trades boost Lupus Alpha asset Management -
Who cares about risk retention?
7 years ago
Managers watching CLO spreads reach their tightest levels since the crisis had little time to fret about US risk retention
11 results found Showing page 1 of 1
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