Michelle D'souza

Complacent, machine, hungry, cockroaches, resilient and tight. These are some of the words panellists at the Opal CLO conference used to describe the state of the global CLO market. Here are nine themes we noted from the Waldorf Astoria Monarch Beach. Despite the generally positive performance of CLOs this year, CLO equity has not seen great returns. From a cash-on-cash perspective, it’s been one of the worst years for CLO equity in recent times, panellists noted.

9Questions is our Q&A series featuring key decision-makers in the corporate credit markets — get in touch if you know who we should be talking to! Few periods have tested credit discipline like the current one. Bhavin Patel, chief investment officer at Redding Ridge Europe, tells 9fin about the widening dispersion across loan markets, the growing risks in B3/B- cohorts, and the hidden cracks masked by technical strength.

9Questions is our Q&A series featuring key decision-makers in the corporate credit markets — get in touch if you know who we should be talking to! Last month, UK’s The People’s Pension allocated £260m to Invesco to manage a triple-A focused CLO mandate.