US CLO Manager Report: Anchorage
US CLO Manager Report: Anchorage
US CLO Manager Report: Anchorage
May 2024: Summary of CLO Research Insights
Based on a sample of 955 US BSL CLO deals that are still in their reinvestment period, Oak Hill, CSAM, GoldenTree, Elmwood, and Blackstone stood out with at least 10 of their CLO equity tranches ranking in the top 20th percentile among their peers.
The reset of Anchorage Capital CLO 7, managed by Anchorage Capital, was quite interesting in a number of ways. Its equity NAV was low (though in line with its peers for the same semi-annual vintage) before the reset, given that this deal was issued almost 9 years ago. Typically, a combination of a class X tranche and/or an injection of equity would be needed. If the deal were liquidated instead of reset, its equity IRR would register around 12%, assuming a par issue price. The decision to reset rather than redeem or sell the equity tranche on the secondary market suggests that this reset is accretive and more lucrative than a full redemption or sale.
This study includes a sample of 602 seasoned deals that have concluded their reinvestment periods. Notably, CSAM has stood out as the most successful all-weather manager, consistently delivering good returns to equity investors. If you’re interested in learning about the pricing for premium content, please don’t hesitate to email me at info@clopremium.co.uk.
A sample of 218 deals (2015–2019* vintage deals) is included in this study. The benchmark loan index used is the...
