The Last Tranche with Octagon's Lam: CLO equity makes sense again
The Last Tranche
by ION Analytics
2M ago
In this episode of The Last Tranche Gretchen Lam, CEO of Octagon Credit Investors, discusses whether investing in third-party CLO equity makes sense again ..read more
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The Last Tranche with New Mountain's Kline and Moshiri
The Last Tranche
by ION Analytics
6M ago
The Last Tranche with New Mountain's Kline and Moshiri: we have more flexibility than a typical CLO around industry selection In this episode of the Last Tranche, John Kline and Cyrus Moshiri from New Mountain Capital discuss the innovative rated feeder fund structure they recently priced, and why they chose this approach over a traditional middle market CLO. After explaining the details of how rated feeder funds like Guardian IV Rated Feeder work, Kline explained that one key benefit is of the structure is the increased flexibility it offers on industry diversity. Their chosen structure is a ..read more
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The Last Tranche with Pearl Diver's Layton: its not about tiering, its about portfolio construction
The Last Tranche
by ION Analytics
8M ago
In this episode of The Last Tranche, Matt Layton, partner and head of Europe at Pearl Diver Capital, discusses strategies for investing in CLO debt and equity amid the recent rally in liabilities. Layton says that analysing a manager's past behaviour is a better predictor of CLO equity returns than how a manager is tiered by the debt markets. He adds that some of the tier one managers have shown that they can be prone to sell loans too quickly during recent periods of volatility, which has caused those firms to lose their arbitrage faster than other managers. Layton goes on to draw parallels b ..read more
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The Last Tranche with Sound Point's Desai: the wrong CLO equity investment strategies will see negative returns
The Last Tranche
by Acuris
11M ago
In this episode of The Last Tranche, Ujjaval Desai, head of structured products investing at Sound Point Capital Management, shares his ideas about the investment opportunity across the CLO equity universe. Desai says that the best strategies for investing in CLO equity could see returns of up to 20%, but on the other hand, firms that fail to make careful investment decisions could see negative returns. Desai speaks to the various characteristics of CLOs that impact eventual returns including manager strategies, deal vintage, the source of equity capital and more. He also speaks to some of the ..read more
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The Last Tranche with Eagle Point's Ko: We haven't made a primary CLO equity investment in nine months
The Last Tranche
by Acuris
11M ago
In this episode of The Last Tranche, Dan Ko, principal and portfolio manager at Eagle Point Credit Management, discusses the relative value opportunity in the CLO market. Ko says that his firm has not made a primary market investment in CLO equity since early 2022, in part because the tightness of the equity arbitrage means investors can get higher yields in the debt stack. Even triple A notes offer more attractive yields than some equity investments, Ko says. Ko also speaks to the cessation of Libor, given the approach of the base rate's cessation in June ..read more
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The Last Tranche with Octaura's Bejile: most mutual funds regard loans as illiquid because of long settlements
The Last Tranche
by Acuris
1y ago
In this episode of The Last Tranche, Brian Bejile, founder and CEO of Octaura, discusses the latest developments towards electrification in the loan and CLO asset classes. Bejile draws from his own experience as a trader to highlight some of the inefficiencies that result from manually trading assets, including human error mistakes and loan settlement times. He discusses the early stages of setting up Octaura, and onboarding the major investment banks in his bid to change the way the market trades. #CLO #Creditflux #Octaura ..read more
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The Last Tranche with MidOcean's Rotondo: retail bid is the wildcard in leveraged loan market
The Last Tranche
by Acuris
1y ago
In this episode of the Last Tranche, Joe Rotondo, senior portfolio manager on the credit investments team at MidOcean Partners, looks back on a turbulent year for the leveraged loan asset class. Rotondo discusses the key trends and moments that influenced the loan market through the last 12 months through to the present day, from the general bullishness at the start of the year, to the downturn over the summer and the slowdown in new issue supply. He identifies the key lessons the market can take from the events of the year, and looks at both the headwinds and tailwinds in place for loan inves ..read more
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The Last Tranche with AlbaCore's Cohen Malka: The UK gilts crisis showed the CLO market is more liquid than people thought
The Last Tranche
by Acuris
1y ago
In this episode of The Last Tranche, Deborah Cohen Malka, partner and portfolio manager at AlbaCore Capital Group, discusses the performance and challenges facing the European CLO market. Cohen Malka says that assets and liabilities in European CLOs are in a delicate balance, where the pricing of a single new issue CLO raises loan prices to the extent that other new CLOs become uneconomic. She also speaks to the impact of Russia's invasion of Ukraine on credit markets, and how the energy crisis is impacting credit quality. Cohen Malka also explains the sovereign debt crisis in the United Kingd ..read more
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The Last Tranche with Bain's Wright: We're likely to see manager consolidation as the benefits of scale come to bear
The Last Tranche
by Acuris
1y ago
In this episode of The Last Tranche, Bain Capital Credit managing director John Wright discusses the manager landscape in the CLO market. Wright talks about the importance of a CLO manager's role in the performance of the asset class. Whether a manager is a small or large firm, whether a manager has a captive equity fund or syndicates, or whether a manager has an aggressive or conservative investment strategy, will impact the outlook of any individual CLO. Wright also discusses the recent trend of consolidation in the CLO manager base, and argues that we're likely to see more buyouts in the ne ..read more
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The Last Tranche with Carlyle's Basmadjian: We are in the expansion phase of a new credit cycle
The Last Tranche
by Acuris
2y ago
#CLO #Carlyle #TheLastTranche #Creditflux ..read more
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