Loan Spread Compression and Lower Equity NAV Drag on GNRT 2024-16A SUB
A majority stake of GNRT 2024-16A SUB traded yesterday, covering at...
A majority stake of GNRT 2024-16A SUB traded yesterday, covering at...
Among the top performers are Oak Hill Advisors, UBS AM, and Palmer Square Capital Management.
This week saw two majority equity blocks on BWIC: GNRT 2022-10A SUB with $31 million notional and ELM17 2022-4A SUB with $35 million notional.
OHA Credit Funding 10-R CLO priced its AAA tranche today at 126 bps—the tightest level recorded since early April 2025. Other AAA reset prints over recent days ranged between 128 and 137 bps.
EU CLO equity has outperformed US CLO equity, based on BWIC colour from a sample of approximately 446 equity tranches traded since July 2024 (source: SCI). This trend is also consistent with findings from 2.0 CLO deals that have been fully liquidated to date, according to CLO Research.
The manager prioritises fundamental credit analysis and active risk management—taking risk only when they believe the risk premium is compelling, and remaining disciplined when credit spreads are tight. Their focus is on consistently delivering attractive risk-adjusted returns.
