Creditflux CLO Census 2021

The CLO Census is an anonymous survey which is now in its fifth year. Votes for your own company will not count. The survey will run for two weeks with results revealed online in late October. A full analysis of the Census will be produced in Creditflux’s November newsletter

First Name*

Last Name*

Company*

Email Address*

Market participant*

-CLO banker/traderCLO managerCLO investorCLO service provider (lawyer, rating agency analyst, CLO analytics etc)

CLO MARKET THEMES

The arbitrage for US CLOs has been great this year

Agree

Disagree

The arbitrage for European CLOs has been great this year

Agree

Disagree

If there was one thing you could change to improve the CLO market, what would it be?

How do you feel about basis risk for new US CLOs in early 2022?

-Optimistic – the fear among market participants will create opportunities for othersNot worried – there will be enough Sofr-loan paperDownbeat - lack of Sofr loans will make it difficult to put together a new CLO economically

What worries you most heading into 2022?*

The transition to Sofr

It’s too easy for issuers to print CLOs

There is too much flexibility afforded to CLO managers

There are too many CLO managers

That things are going too well

Defaults

Nothing to worry about

Please provide further comment

Should CLOs adopt ESG investment guidelines?*

Yes

No

Please provide further comment

Who is the most ESG-aware US CLO manager and why?*

Who is the most ESG-aware European CLO manager and why?*

Which US CLO manager has gone up in your estimation the most since the sell-off last year?

Which European CLO manager has gone up in your estimation the most since the sell-off last year?

US AND EUROPEAN CLO PRIMARY, SECONDARY & RESEARCH

Which arranger achieves the best execution on new US CLOs?

-Amherst PierpontBairdBank of AmericaBarclaysBMOBNP ParibasBreanBrownstoneCantor FitzgeraldCapital OneCitiCredit SuisseDeutsche BankGoldman SachsGreensLedgeGuggenheimJanney Montgomery ScottJefferiesJP MorganMizuhoMorgan StanleyMUFGNatixisNatwest MarketsNomuraOdeonRaymond JamesRBCSMBC NikkoSociete GeneraleStandard CharteredStifelUBSUniCreditWells Fargo

Which arranger achieves the best execution on new European CLOs?

-Amherst PierpontBairdBank of AmericaBarclaysBMOBNP ParibasBreanBrownstoneCantor FitzgeraldCapital OneCitiCredit SuisseDeutsche BankGoldman SachsGreensLedgeGuggenheimJanney Montgomery ScottJefferiesJP MorganMizuhoMorgan StanleyMUFGNatixisNatwest MarketsNomuraOdeonRaymond JamesRBCSMBC NikkoSociete GeneraleStandard CharteredStifelUBSUniCreditWells Fargo

Which US CLO arranger is best at syndicating to a wide group of investors?

-Amherst PierpontBairdBank of AmericaBarclaysBMOBNP ParibasBreanBrownstoneCantor FitzgeraldCapital OneCitiCredit SuisseDeutsche BankGoldman SachsGreensLedgeGuggenheimJanney Montgomery ScottJefferiesJP MorganMizuhoMorgan StanleyMUFGNatixisNatwest MarketsNomuraOdeonRaymond JamesRBCSMBC NikkoSociete GeneraleStandard CharteredStifelUBSUniCreditWells Fargo

Which European CLO arranger is best at syndicating to a wide group of investors?

-Amherst PierpontBairdBank of AmericaBarclaysBMOBNP ParibasBreanBrownstoneCantor FitzgeraldCapital OneCitiCredit SuisseDeutsche BankGoldman SachsGreensLedgeGuggenheimJanney Montgomery ScottJefferiesJP MorganMizuhoMorgan StanleyMUFGNatixisNatwest MarketsNomuraOdeonRaymond JamesRBCSMBC NikkoSociete GeneraleStandard CharteredStifelUBSUniCreditWells Fargo

Which arranger is best at structuring US CLOs?

-Amherst PierpontBairdBank of AmericaBarclaysBMOBNP ParibasBreanBrownstoneCantor FitzgeraldCapital OneCitiCredit SuisseDeutsche BankGoldman SachsGreensLedgeGuggenheimJanney Montgomery ScottJefferiesJP MorganMizuhoMorgan StanleyMUFGNatixisNatwest MarketsNomuraOdeonRaymond JamesRBCSMBC NikkoSociete GeneraleStandard CharteredStifelUBSUniCreditWells Fargo

Which arranger is best at structuring Euro CLOs?

-Amherst PierpontBairdBank of AmericaBarclaysBMOBNP ParibasBreanBrownstoneCantor FitzgeraldCapital OneCitiCredit SuisseDeutsche BankGoldman SachsGreensLedgeGuggenheimJanney Montgomery ScottJefferiesJP MorganMizuhoMorgan StanleyMUFGNatixisNatwest MarketsNomuraOdeonRaymond JamesRBCSMBC NikkoSociete GeneraleStandard CharteredStifelUBSUniCreditWells Fargo

Which arranger provides the best US CLO warehouse service?

-Amherst PierpontBairdBank of AmericaBarclaysBMOBNP ParibasBreanBrownstoneCantor FitzgeraldCapital OneCitiCredit SuisseDeutsche BankGoldman SachsGreensLedgeGuggenheimJanney Montgomery ScottJefferiesJP MorganMizuhoMorgan StanleyMUFGNatixisNatwest MarketsNomuraOdeonRaymond JamesRBCSMBC NikkoSociete GeneraleStandard CharteredStifelUBSUniCreditWells Fargo

Which arranger provides the best European CLO warehouse service?

-Amherst PierpontBairdBank of AmericaBarclaysBMOBNP ParibasBreanBrownstoneCantor FitzgeraldCapital OneCitiCredit SuisseDeutsche BankGoldman SachsGreensLedgeGuggenheimJanney Montgomery ScottJefferiesJP MorganMizuhoMorgan StanleyMUFGNatixisNatwest MarketsNomuraOdeonRaymond JamesRBCSMBC NikkoSociete GeneraleStandard CharteredStifelUBSUniCreditWells Fargo

Which arranger provides the best access to US loans?

-Amherst PierpontBairdBank of AmericaBarclaysBMOBNP ParibasBreanBrownstoneCantor FitzgeraldCapital OneCitiCredit SuisseDeutsche BankGoldman SachsGreensLedgeGuggenheimJanney Montgomery ScottJefferiesJP MorganMizuhoMorgan StanleyMUFGNatixisNatwest MarketsNomuraOdeonRaymond JamesRBCSMBC NikkoSociete GeneraleStandard CharteredStifelUBSUniCreditWells Fargo

Which arranger provides the best access to European loans?

-Amherst PierpontBairdBank of AmericaBarclaysBMOBNP ParibasBreanBrownstoneCantor FitzgeraldCapital OneCitiCredit SuisseDeutsche BankGoldman SachsGreensLedgeGuggenheimJanney Montgomery ScottJefferiesJP MorganMizuhoMorgan StanleyMUFGNatixisNatwest MarketsNomuraOdeonRaymond JamesRBCSMBC NikkoSociete GeneraleStandard CharteredStifelUBSUniCreditWells Fargo

Which arranger is most willing to make markets in US CLO tranches?

-Amherst PierpontBairdBank of AmericaBarclaysBMOBNP ParibasBreanBrownstoneCantor FitzgeraldCapital OneCitiCredit SuisseDeutsche BankGoldman SachsGreensLedgeGuggenheimJanney Montgomery ScottJefferiesJP MorganMizuhoMorgan StanleyMUFGNatixisNatwest MarketsNomuraOdeonRaymond JamesRBCSMBC NikkoSociete GeneraleStandard CharteredStifelUBSUniCreditWells Fargo

Which arranger is most willing to make markets in European CLO tranches?

-Amherst PierpontBairdBank of AmericaBarclaysBMOBNP ParibasBreanBrownstoneCantor FitzgeraldCapital OneCitiCredit SuisseDeutsche BankGoldman SachsGreensLedgeGuggenheimJanney Montgomery ScottJefferiesJP MorganMizuhoMorgan StanleyMUFGNatixisNatwest MarketsNomuraOdeonRaymond JamesRBCSMBC NikkoSociete GeneraleStandard CharteredStifelUBSUniCreditWells Fargo

Which bank produces the best US CLO research?

-Amherst PierpontBairdBank of AmericaBarclaysBMOBNP ParibasBreanBrownstoneCantor FitzgeraldCapital OneCitiCredit SuisseDeutsche BankGoldman SachsGreensLedgeGuggenheimJanney Montgomery ScottJefferiesJP MorganMizuhoMorgan StanleyMUFGNatixisNatwest MarketsNomuraOdeonRaymond JamesRBCSMBC NikkoSociete GeneraleStandard CharteredStifelUBSUniCreditWells Fargo

Which bank produces the best European CLO research?

-Amherst PierpontBairdBank of AmericaBarclaysBMOBNP ParibasBreanBrownstoneCantor FitzgeraldCapital OneCitiCredit SuisseDeutsche BankGoldman SachsGreensLedgeGuggenheimJanney Montgomery ScottJefferiesJP MorganMizuhoMorgan StanleyMUFGNatixisNatwest MarketsNomuraOdeonRaymond JamesRBCSMBC NikkoSociete GeneraleStandard CharteredStifelUBSUniCreditWells Fargo

CLO INVESTORS

Best US CLO equity investor

Best European CLO equity investor

Best US CLO junior debt investor (HY tranches: double B and single B)

Best European CLO junior debt investor (HY tranches: double B and single B)

Best US CLO senior debt investor (IG tranches: triple A to triple B)

Best European CLO senior debt investor (IG tranches: triple A to triple B)

US AND EUROPEAN LAW FIRMS

Which law firm provides the best service to US CLO managers?

-Akin GumpAllen & OveryArnold & PorterBaker & McKenzieCadwaladerChapman & CutlerCleary GottliebClifford ChanceDechertDentonsDLA PiperKattenLatham & WatkinsLinklatersLocke LordMathesonMayer BrownMilbankMorgan LewisOrrickPaul HastingsRopes & GraySchulte Roth & ZabelSeward KisselShearman & SterlingSidley AustinSimpson ThacherSkaddenWeilWhite & CaseWinston & StrawnAlston & BirdPaul WeissKeating

Which law firm provides the best service to European CLO managers?

-Akin GumpAllen & OveryArnold & PorterBaker & McKenzieCadwaladerChapman & CutlerCleary GottliebClifford ChanceDechertDentonsDLA PiperKattenLatham & WatkinsLinklatersLocke LordMathesonMayer BrownMilbankMorgan LewisOrrickPaul HastingsRopes & GraySchulte Roth & ZabelSeward KisselShearman & SterlingSidley AustinSimpson ThacherSkaddenWeilWhite & CaseWinston & StrawnAlston & BirdPaul WeissKeating

Which law firm provides the best service to US CLO arrangers?

-Akin GumpAllen & OveryArnold & PorterBaker & McKenzieCadwaladerChapman & CutlerCleary GottliebClifford ChanceDechertDentonsDLA PiperKattenLatham & WatkinsLinklatersLocke LordMathesonMayer BrownMilbankMorgan LewisOrrickPaul HastingsRopes & GraySchulte Roth & ZabelSeward KisselShearman & SterlingSidley AustinSimpson ThacherSkaddenWeilWhite & CaseWinston & StrawnAlston & BirdPaul WeissKeating

Which law firm provides the best service to European CLO arrangers?

-Akin GumpAllen & OveryArnold & PorterBaker & McKenzieCadwaladerChapman & CutlerCleary GottliebClifford ChanceDechertDentonsDLA PiperKattenLatham & WatkinsLinklatersLocke LordMathesonMayer BrownMilbankMorgan LewisOrrickPaul HastingsRopes & GraySchulte Roth & ZabelSeward KisselShearman & SterlingSidley AustinSimpson ThacherSkaddenWeilWhite & CaseWinston & StrawnAlston & BirdPaul WeissKeating

Which law firm has been best at advocating on behalf of the US CLO industry?

-Akin GumpAllen & OveryArnold & PorterBaker & McKenzieCadwaladerChapman & CutlerCleary GottliebClifford ChanceDechertDentonsDLA PiperKattenLatham & WatkinsLinklatersLocke LordMathesonMayer BrownMilbankMorgan LewisOrrickPaul HastingsRopes & GraySchulte Roth & ZabelSeward KisselShearman & SterlingSidley AustinSimpson ThacherSkaddenWeilWhite & CaseWinston & StrawnAlston & BirdPaul WeissKeating

Which law firm has been best at advocating on behalf of the European CLO industry?

-Akin GumpAllen & OveryArnold & PorterBaker & McKenzieCadwaladerChapman & CutlerCleary GottliebClifford ChanceDechertDentonsDLA PiperKattenLatham & WatkinsLinklatersLocke LordMathesonMayer BrownMilbankMorgan LewisOrrickPaul HastingsRopes & GraySchulte Roth & ZabelSeward KisselShearman & SterlingSidley AustinSimpson ThacherSkaddenWeilWhite & CaseWinston & StrawnAlston & BirdPaul WeissKeating

CLO SERVICE PROVIDERS

Which firm provides the best CLO valuation service?

-AllvueAlvarez MarsalBofA PriceServeDeloitteDuff & PhelpsEYFitch SolutionsHoulihan LokeyIHS MarkitJP Morgan Pricing DirectKanerai via Bloomberg TerminalKPMGMethodical ManagementMountainView Financial SolutionsNumerixPrytania SolutionsS&P Capital IQStoutValuation Research CorporationVicharaVistra

Other (please state)

Which firm provides the best CLO analytics service?

-IntexKaneraiMoody's AnalyticsTreppValitana

Others (please state)

Which firm provides the best CLO portfolio management service?

-AllvueAlter DomusBroadridgeDeloitteIHS WSOKaneraiKPMGMoody's AnalyticsOlympusOxanePortfolio BISky RoadTMF GroupUS BankVantage InvestmentVirtus Partners

Other (please state)

Which CLO trustee provides the clearest, most timely and accurate reporting?

-BNP ParibasBNY MellonCiti/VirtusDeutsche BankState StreetSumitomo Mitsui TrustUS BankVistraWells FargoWilmington Trust

Other (please select)

Which firm provides the best offshore fund administration service?

-AlterDomusCICSHarneysIntertrust SPVMaples FiduciaryOcorianTMFTrustmooreWalkers

Other (please select)

Which firm provides the best offshore legal services?

-Appleby GlobalArthur CoxMaples & CalderMathesonWalkers

Other (please select)

Which firm provides the best CLO accounting services?

-Citi VirtusDeloitteEYKPMGPWC

Other (please select)

Which firm provides the best secondary CLO platform?

-Citi VelocityDeal VectorEmpirasignKaneraiKopenTechMoody's AnalyticsSolveValitana

Other (please select)

Which rating agency does the best job for US CLO investors?

-DBRS MorningstarFitch RatingsKrollMoody's Investor ServicesStandard & Poor's

Which rating agency does the best job for European CLO investors?

-Arc RatingsAxessorDBRS MorningstarFitch RatingsKrollMoody's Investor ServicesScopeS&P