Arrangers’ attitudes holding back CLO market, says PM
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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