Panel – Investing During a Crisis
This isn’t the first crisis to hit the CLO market, but it may be the worst. Despite this the primary market remains open for business, with managers choosing a range of innovative structures for their new deals. Between new opportunities in the primary, deeply discounted prices in the secondary and a slew of test failures and rating actions in existing deals it’s a lot for CLO investors to take in.
How different is this from 2008?
How many more deals should we expect this year, and how are managers tailoring their structures in response to COVID-19?
Are there bargains in the secondary market, and are they tradeable?
Will this crisis reinforce recent manager consolidation or halt it?
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