An independent research service focused on European and US CLOs, offering documentation review and data analysis.
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Key Summary:Our year-to-date 2025 reviews of 196 final offering documentation reveals a noticeable decline in the use of “WAL Step up Conditions” between October and early December 2025. This concept,...
Summary:Some CLO investors buy Class F tranches even when a transaction omits the Class F overcollateralization test. In this report we analysed the current market trend based on the final documentati...
CLO investors are increasingly being asked to explain and quantify the credit risk embedded in their portfolios. Softer credit fundamentals and greater dispersion in secondary performance have prompte...