US BSL CLO Managers: Top-Tier CLO Equity Performance Based on Reinvesting Deals
This study includes a sample of 952 deals that are still in their reinvestment periods. How do the 2013–2022 vintage...
This study includes a sample of 952 deals that are still in their reinvestment periods. How do the 2013–2022 vintage...
This study includes a sample of 277 EU CLO deals that are still in their reinvestment periods. How do the...
This study includes a sample of 193 seasoned EU CLO deals that have concluded their reinvestment periods. How do the 2013–2022 vintage EU CLO deals perform in terms of cumulative equity distributions plus NAV?
The table below shows the top-performing managers with the most 2013–2019 deals that are in the 90th percentile category. Notably, CSAM stood out as the most successful and consistent manager in delivering good returns to equity investors. Other successful managers include Oak Hill Advisors, KKR Financial Advisors, Goldentree Asset Management, Neuberger Berman, Generate Advisors, Fortress Investment Group, and Anchorage Capital Group.
The following table provides a summary of the cumulative CLO equity distributions for 140 deals that have experienced failure in one or more of the crucial tests, namely interest diversion, overcollateralization, or interest coverage tests. Approximately three-fourths of these 140 deals have cumulative equity distributions of less than 100%.
