Credit selection, ratings arb take CLO spotlight in 2020
Credit and manager selection are expected to be the driving forces in the CLO market next year, as benign conditions turn choppy and ratings arbitrage among leveraged loans comes front and center.
Rather than a focus on loans with similar factors in terms of spread, ratings and industry, CLO investors and managers are getting ready to make more granular decisions in 2020.“Now that markets seem to be less benign than the past few years, collateral manager differentiation will increase, ...
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