Arrangers’ attitudes holding back CLO market, says PM

By Owen Sanderson, Tom Brown
12 Jun 2019

The attitude of managers and arrangers is holding back the CLO market, with weakening deal terms and pre-placement of triple-A tranches a particular problem, said Balint Vogavolgyi, senior portfolio manager at Aegon during a panel discussion.

“Every time the managers can get looser language, the deal terms are changed immediately without anybody highlighting them,” said Vagvolgyi. “So basically, every time you buy a deal, you have to read 300 pages of documents.”

Other panellists on the CLO investors and researcher’s panel pointed to complexities ...

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