Tag Archives: Anchorage

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Review: The Reset of Anchorage Capital CLO 7

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.

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US BSL CLO Managers: Top-Tier CLO Equity Performance Based on Deals Beyond Their Reinvestment Period

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.

US CLO Manager Report: Anchorage

Maintaining strong interest return alpha without compromising Market Value (MV) return alpha is challenging. Anchorage has excelled in both MV and interest return alpha, an accomplishment that is no small feat.