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Structured
Stanfield and Apidos have lowest CLO defaults, says Citi
Thursday, April 2, 2009
Stanfield Capital and Resource America unit Apidos Capital, both based in New York, are the US CLO managers with the lowest volume of defaults across their portfolios, according to recent research by Citi (Global structured credit strategy, 24 March). Both managers had less than 1% defaults on average across their deals
In Europe, where the rate of defaults in CLOs is so far lower than the US, several managers have less than 1% defaults. According to the Citi research, Blackstone and Morgan Stanely Investment Management have the lowest volume of defaults among European CLOs.
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Trading
Issuers
CFlux secondary
CLO index levels:
| Index | 21 May |
|
| CFlux USD AAA | ↑ | 96.2 |
| CFlux USD AA | ↑ |
88.3 |
| CFlux USD A | ↓ | 84.1 |
| CFlux USD BBB | ↓ | 75.3 |
| CFlux USD BB | ↓ |
74.1 |
| CFlux USD EQ | ↑ | 77.5 |
We've notice the good performance of Stanfield relative to other managers in our CSO portfolios too. Since their trading of the portfolio is minimal, the value comes from their initial selection of credits rather than just taking the ones that the arrangers wish to put into the transaction