The CLO Investor Podcast

Sean Griffin, Executive Director of the LSTA, shares his extensive background in CLO structuring and the syndication market. He highlights significant regulatory victories, such as the risk retention repeal, and clarifies the implications of the Kirshner case on loan classification. Sean discusses the smooth LIBOR-to-SOFR transition and the LSTA's focus on enhancing education and operations in private credit. He also touches on member engagement strategies and the future landscape of CLO issuance.

Jonathan Horowitz, Partner and Head of Structured Liabilities at Fortress Investment Group, shares his 30 years of expertise in structured credit and CLO markets. He dives into the trade-offs between bank leverage and CLOs, revealing how the CLO market is currently more cost-effective yet volatile. Jonathan also discusses the low supply of new loans, the implications of Fed rate cuts on demand, and stresses the importance of alignment in CLO management. He offers insights on pricing trends in private credit and highlights Fortress's active role in loan restructurings.

Alex Navin, Managing Director, Performance Trust Capital Partners, LLC, joins The CLO Investor podcast to discuss the year for CLO equity on multiple fronts: leveraged loan defaults, spread compressions, potential Fed Rate cuts, and the growth in CLO debt EFTs.

Melissa Brady, Senior Director at Alvarez & Marsal, joins The CLO Investor podcast to discuss the performance of private credit loans, why some credit managers may have different marks than others, and other trends in private credit.

Amir Vardi, Head of Structured Credit at UBS Asset Management, offers a deep dive into the world of CLOs. He discusses market inefficiencies and contrasting dynamics between CLO debt and equity. Vardi critiques the current modeling assumptions, urging investors to rethink their strategies amidst evolving conditions. He highlights the importance of data analysis and diversification in investment approaches while sharing insights on managerial choices that can make or break outcomes in structured credit. A must-listen for anyone eyeing market shifts!

Brian Nolan, Head of European CLO Structuring at PGIM, shares his expertise on the nuances of European CLOs versus their U.S. counterparts. He discusses the complexities of structuring these financial instruments, emphasizing regulatory impacts and the importance of collaboration. Nolan also highlights the challenges European investors face, including access and ESG considerations. Furthermore, he simplifies key financial terminology, covering developments like the shift from LIBOR to SOFR and discusses risk management strategies within the CLO landscape.

Shiloh Bates and Himani Trivedi discuss the effects of tariffs on the loan market, CLO equity projected returns, and new funds being launched on the Nuveen platform.

In this episode of The CLO Investor Podcast, Stephanie Setyadi, a Partner at Ivy Hill Asset Management, provides two case studies for the types of businesses that can be found in CLOs.

Shiloh Bates talks to Pratik Gupta, CLO Head of Research for Bank of America Securities, about CLO securities' performance versus that of corporate debt, CLOs backed by syndicated loans and private credit CLOs, and more in this episode of The CLO Investor podcast.

Host Shiloh Bates discusses commercial real estate (CRE) CLOs with Mike Comparato, Head of Real Estate at Benefit Street Partners. CRE CLOs are contrasted with the more common CLOs backed by corporate loans that are Flat Rock's specialty.