US CLO Manager Report: Elmwood Asset Management
US CLO Manager Report: Elmwood Asset Management
US CLO Manager Report: Elmwood Asset Management
The top managers with the highest number of deals in the top quartile are Oak Hill Advisors, Golub Capital, CSAM, Benefit Street Partners, Sixth Street, Elmwood, CVC, Blackstone, and Blackrock.
The pricing of the second reset of Elmwood CLO III saw its WACC tighten by 23 bps, from 206 bps to 183 bps, and its reinvestment period increase by 2.8 years. Its AAA pricing at 138 bps was the tightest year-to-date in the reset and new issue CLO market at the time of pricing.
In the 2.0 CLO landscape, it is quite uncommon to see very high cash-on-cash equity distributions. However, 42 regular reinvesting US BSL CLO deals have distributed impressive cash payments to their equity investors, with annualized payments of around 25% or more so far this year.
May 2024: Summary of CLO Research Insights
The top five managers with the highest number of deals in the top quartile are Oak Hill Advisors, Golub Capital, CSAM, Benefit Street Partners, and Elmwood.
