An alternative way of looking at CLO overlap
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

CLOs wheel and deal as overlap increases
2020 CLOs are a different breed to any other vintage. But this cohort features an overlap of almost 40% as CLO issuers have been forced to focus almost entirely on secondary market loans

CLO issuers flex their bond muscles
Some panellists at Creditflux’s US CLO Investor Summit pointed to structural difficulties, but the consensus was that flexibility — particularly the ability to buy bonds — could improve performance

New kids on the block dominate awards