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CLOs: The Rebound

By blocking the Suez Canal last month, the Ever Given made headlines, creating a massive shipping traffic jam. Three football fields long and weighing 250 thousand tons (by comparison, the Statue of Liberty is only 125 tons), the monster container vessel is the new global transportation reality: 90% of the world’s goods travel by water. […]

Leveraged Loan Insight & Analysis - 4/12/2021

CLO AUM ends 1Q21 at US$765bn, up 4.7% QoQ Driven by robust activity in the US CLO market, CLO AUM ended 1Q21 at US$765bn, up 4.7% quarter over quarter. March 2021 represented the sixth consecutive month of increasing AUM. CLO new issue volume had its fastest start to the year on record, closing 77 new

Debtwire Middle-Market – 4/12/2021

Source: Cliffwater Direct Lending Index and BofA Merrill Lynch US High Yield Effective Yield The red line in the chart is the *Cliffwater Direct Lending Index (CDLI) current yield, which is based on the investment income of the underlying assets held by public and private BDCs. BDCs invest in middle market companies, and the Index

Covenant Trends - 4/12/2021

Average Minimum Day-One Capped Basket Capacity, YoY (Past performance is no guarantee of future results.) Contact: Steven Miller

Private Debt Intelligence - 4/12/2021

Direct Lending Targeted in Private Debt Fundraising Although Q1 2021 saw a drop in both the number of private debt funds closed and aggregate capital raised, the outlook for the sector remains positive. As of April 2021, aggregate capital targeted stands at $300bn, up 56% compared to the start of 2020....

CLOs Revisited – Ratings, Risks, and Returns (Fourth of a Series)

Competition in leveraged loans, keen as it is, pales in comparison to the 2021 Mrs. Sri Lanka pageant. Reigning Mrs. World champion, Caroline Jurie yanked the tiara off newly-crowned winner Pushpika DeSilva, charging Mrs. DeSilva was not married. Mrs. DeSilva fled the stage in tears. Order was eventually restored. Mrs. DeSilva reclaimed her crown, and