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CLOs

Rainbows from Barca
TwentyFour Blog | Read | 3 min 21 Jun 2023

Rainbows from Barca

Last week Aza Teeuwen and our ABS team visited the Global ABS conference in Barcelona. One key discussion point in CLOs was around the lack of leveraged loan supply and the resultant sharp slowdown in the primary market

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CLO performance in 2023, what's next?
TwentyFour Blog | Read | 4 min 3 May 2023

CLO performance in 2023, what's next?

European Asset Backed Securities has been one of the few asset classes that has showed positive performance this year, Aza Teeuwen answers the million dollar question, how do you position for this?

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TwentyFour Blog | Read | 3 min 9 Mar 2023

CLO documentation provides downside protection to investors

As we approach the end of the economic cycle, tighter documentation is becoming increasingly important in providing downside protection against credit and extension risk of CLOs, says Pauline Quirin.

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Is the CLO whale back in the water
TwentyFour Blog | Read | 2 min 6 Feb 2023

Is the CLO whale back in the water?

With Norinchukin Bank reportedly looking again at CLOs, Aza Teeuwen looks at the potential impact the return of the one of the market’s biggest buyers might have on spreads.

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No, you haven’t missed the fixed income rally
TwentyFour Blog | Read | 3 min 2 Feb 2023

No, you haven’t missed the fixed income rally

Strong performance across markets in January has left some investors feeling they’ve missed out on the rally in bonds. No need to worry, says Felipe Villarroel.

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The compelling case for ABS in 2023
TwentyFour Blog | Read | 5 min 30 Jan 2023

The compelling case for ABS in 2023

Having done its job of delivering lower volatility and better performance than mainstream bond markets in 2022, the income and defensive characteristics of European ABS look equally compelling in 2023, says Doug Charleston.

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TwentyFour Blog | Read | 3 min 25 Jan 2023

Having your cake and eating it

While yields have soared in recent months and created a broad buying opportunity in fixed income, Aza Teeuwen says investors should look at floating rate bonds to benefit from higher coupons today.

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New year, new mood as ABS supply ramps up
TwentyFour Blog | Read | 3 min 19 Jan 2023

New year, new mood as ABS supply ramps up

European ABS is enjoying a spurt of new issuance and a parallel rally in spreads, with investors having entered the new year with cash to invest and buoyed by renewed hope around inflation and monetary policy, says Pauline Quirin.

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ABS liquidity is there when you need it most
TwentyFour Blog | Read | 4 min 11 Nov 2022

ABS liquidity is there when you need it most

With the UK pension fund liquidity crisis sparking heavy selling in ABS, Pauline Quirin looks at how the market absorbed all the supply, and which investors have stepped in sensing a buying opportunity.

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Where are CLOs trading after the Truss Tantrum?
TwentyFour Blog | Read | 3 min 5 Oct 2022

Where are CLOs trading after the Truss Tantrum?

With the higher rated tranches of euro CLOs popular with UK pension funds, Aza Teeuwen looks at how the market coped with heavy selling in recent days and notes investment grade CLO bonds are now yielding close to 10%.

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There is plenty more yield to come in floating rate bonds
TwentyFour Blog | Read | 4 min 8 Aug 2022

There is plenty more yield to come in floating rate bonds

Fixed rate bond yields may have climbed as markets priced in higher interest rates, but both existing and new investors in floating rate bonds have more to gain as central banks keep hiking, says Pauline Quirin

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TwentyFour Blog | Read | 3 min 15 Jul 2022

Why are CLOs pricing in a worse recession than Moody’s?

With yields on B rated CLO bonds now as high as 18%, Elena Rinaldi looks at various scenarios for corporate default rates and questions why investors are overshooting even the most pessimistic scenarios.

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