Not all resets created equal as some managers opt to keep triple C exposure high

By Hugh Minch

A split is emerging in the CLO market, with some managers choosing to keep triple C concentrations elevated following a refinancing or reset transaction. As part of the trend, which began this month, some deals even refinanced while being in breach of portfolio concentration limits, typically set at 7.5% by rating agencies

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TAGS: Refinancing CLO Ares Distressed debt Oak Hill Pricing North America Redding Ridge