Credit

Portfolio Challenges of Repairing a US CLO

With a quarter of US CLOs failing their OC tests there has been plenty of talk about the impact of test-failures, but very little talk about what portfolio management steps a manager can take to fix the problem. As loan-market prices stabilize some test will cure themselves, but other like CCC-buckets will require active steps, complicated by the wide range of other matrices and metrics that need to also be fulfilled.

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    Eiman Abdelmoneim Head of Product, Sky Road
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    Serhan Secmen Partner & Head of US CLO Investments, Napier Park
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    Maggie Wang Managing Director, Head of US CLO and CDO Strategy, Citigroup
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    Jim Wiant Senior Portfolio Manager , MidOcean Credit
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    Tanvi Gupta Head of Data Journalism, Creditflux

Private credit: Predicting the post COVID-19 environment

The coronavirus outbreak – and subsequent curtailment of economic activity – triggered a global liquidity crisis. Some companies have already gone bankrupt; others will surely follow. Still more are caught in a financing void, unable to tap banking or capital markets channels. Alternative lenders not already overexposed to subordinated debt can help fill the gap. Distress specialists are pursuing deals, while many growth-oriented credit managers are waiting for the right entry point. Our expert panelists debate the risk-reward of post COVID-19 credit.

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