European CLOs attractive but closer eye on managers required, says TwentyFour AM

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By David Bell
20 Dec 2017

TwentyFour Asset Management said this week that it favours a defensive position in European securitization, given tight spread levels. The firm sees value in CLOs, but cautions that manager behaviour could be a growing risk next year as the credit cycle matures.

With spreads across European structured finance asset classes trading at or near their post crisis tights – similar to most credit markets – TwentyFour Asset Management’s ABS portfolio manager Doug Charleston said in a note to clients on Tuesday that the firm favoured a defensive approach to the ...

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