Out of the 50 largest US CLO managers, the managers listed below have achieved over 15% growth in CLO AUM over the past year. Notably, Elmwood, Antares, and Generate Advisors have experienced year-on-year growth exceeding 35%.
Since mid-July 2022, when 3M EURIBOR moved into positive territory and began its upward trajectory, the EU CLO primary and...
The loan index's moving 4-week average discounted spreads are used as a proxy for the discounted spreads of US BSL CLO portfolios. On average, seasoned US BSL CLO managers have closely tracked the return performance of this loan index across all three metrics: annualized total returns, MV returns, and interest returns.
This study includes a sample of 1,494 US BSL CLO deals from vintages spanning 2013 to 2023. Deals with a collateral pool factor below 55% have been excluded. Prominent managers such as Oak Hill Advisors, Golub Capital, and Benefit Street Partners have performed very well.
A sample of 504 EU CLO deals (vintage 2013–1H 2024) is included in this study. Deals with a collateral pool...
It was an absolute pleasure to share my thoughts on the CLO market yesterday at the CLO evening event, graciously hosted by Reed Smith and SCI. Below are some of the key takeaways from my presentation.
The table below presents the discount margin differential pricing for 2.0 CLO AAA–BB tranches by vintage. Evidently, based on a sample of non-short-dated deals with available discount margin data, 2024 emerged as the year with the narrowest AAA–BB pricing differential.
Some of the most popular articles from the past week are as follows:
This analysis reviews a sample of 1,467 US BSL CLO deals from the 2012 to 2022 vintages, encompassing both deals still within their reinvestment period (RP) and those that have exited it.
According to CLO Research’s independent analysis, Golub Capital has delivered consistently strong results from an investment alpha perspective. Specifically, Golub Capital has achieved substantial outperformance relative to the Morningstar LSTA U.S. B/BB Ratings Loan Index on an unlevered basis over the past several years. Below is a list of interview questions from CLO Research, along with responses from Scott M. Morrison, Managing Director and Head of Broadly Syndicated Loans.
As shown in the table below, it is hardly surprising that a robust underlying loan market, coupled with many CLOs...
This study examines a sample of 355 EU CLO deals that remain within their reinvestment periods. Notably, Blackstone, Redding Ridge, KKR, CVC, Partners Group, and Napier Park stood out...
Some of the successful and consistent managers include CSAM, KKR, and CVC.
Below is a table showing the published average total (senior + junior) management fee breakdown by vertical compared to first-loss risk retention deals for each EU CLO manager.
From a sample of 506 deals, 27 EU CLO managers oversee deals with both vertical and first-loss risk retention.
