Smaller CLO managers face tiering threat amid leverage 'excesses'

By Will Caiger-Smith
16 Jul 2014

Smaller and younger US CLO managers without a proven track record could see their paper being indiscriminately sold off if volatility hits the leveraged loan market, participants have told GlobalCapital.

CLO issuance this year has exceeded all expectations, with GlobalCapital data showing just shy of $60bn in new supply (excluding refinanced deals) in the year so far. Amid the search for yield, new managers such as Moelis Asset Management’s Steele Creek Investment Management — currently marketing a ...

Already a subscriber?

Continue reading this article

Try full access to GlobalCapital

Free trial