Insurance companies swoop on junior CLO debt as fast money holds off
Long term investors such as insurance companies and pension funds are buying more mezzanine and junior CLO debt as spreads compress. Meanwhile, asset managers and hedge funds appear to be taking more defensive positions in what they say has become a rich market.
The move from long term investors such as insurance companies and pension funds into lower rated CLO debt has priced out asset managers and hedge funds, according to two buyers speaking with GlobalCapital on Monday.“Triple-Bs in new issue deals stand out — the curve is not inverted ...
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