It's all relative: CLOs march tighter as macro traders open positive CDS skews

By Sayed Kadiri & Dan Alderson

Credit default swaps are back near where they started the year after giving up their early-February gains amid a rise in government bonds. CDS curves steepened over the past month and macro hedging has left indices trading with positive skews. But CLOs paint a calmer picture in which spreads have inched tighter


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TAGS: CDS Direct lending Europe High yield bonds Investment grade credit CLO Credit derivatives Pricing Performance North America It's all relative