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

We were battered in 2020 — but we weren’t beaten
The CLO industry has survived a year blighted by covid-19. We talk to portfolio managers about the strengths of CLOs and preparations for what was expected to be a ‘cataclysmic’ recession

New firms are rocking all over the world
Rockford Tower and other small global CLO issuers are showing that you don’t need decades of experience to be successful. It can be better to change the tune rather than repeat the classics

CLOs at a glance
A round-up of CLO performance

Fresh ideas blow in from the west
As Creditflux hosted its first conference in California, the hub of US innovation, it was no surprise that new ideas such as applicable margin resets and high triple-C buckets were on the agenda

New kids on the block dominate awards