Covid and Middle Market CLOs

Leveraged lending is competitive. But it 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 Mrs. Jurie resigned hers. We look forward eagerly to the 2021 Mrs. World pageant to be held later this year…in Sri Lanka.

Meanwhile in the less dramatic world of middle market CLOs​, managers are working through the Covid environment and positioning for the rebound…

▶︎ Read Apr 12 2021 newsletter: here

▶︎ Chart of the Week: here (by Fitch Ratings, public information; Bloomberg)