US CLO debt still attractive for Japanese buyers — BAML

Bank of America Merrill Lynch analysts said on Monday that despite Japanese investors sitting on the sidelines in recent months as spreads slip wider, improving swap rates still mean US CLO debt is an attractive opportunity.

  • By David Bell
  • 09 Jul 2018

Japanese institutions have become an integral part of the US CLO investor base in recent years. But with spreads widening in recent weeks, concerns have been raised over whether those buyers are losing interest in the market, wrote the BAML analysts in the research note.

Such concerns have ...

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1 BNP Paribas 14,443 29 18.07
2 Bank of America Merrill Lynch (BAML) 8,264 27 10.34
3 Lloyds Bank 7,329 24 9.17
4 Citi 6,748 19 8.44
5 JP Morgan 5,220 8 6.53

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3 JPMorgan 92,612.23 269 8.66%
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5 Credit Suisse 70,475.74 184 6.59%