The CLO Investor Podcast

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.

Shiloh Bates talks to Chris Gilbert, the Head CLO Banker at Natixis. Natixis a leading underwriter of broadly syndicated and middle market CLOs. It was also the first bank to issue a reinvesting CLO after the financial crisis. Chris helped Shiloh with the book he published on CLO investing in 2023, CLO Investing with an Emphasis on CLO Equity and BB Notes. 

Shiloh Bates talks to the Bank of Montreal's Head of CLO Trading, Bilal Nasir. In this episode, Bilal uses the term "risk profiles" to describe the different characteristics of various CLO investment opportunities. If you've ever wondered about the ins and outs of CLO trading, this is the episode for you.

Lauren Basmadjian, Carlyle's Global Head of Liquid Credit, joins The CLO Investor podcast to discuss rate cuts, her outlook for CLO spreads, loan default and recoveries, and how she thinks about investing in CLOs managed by other managers. 

Shiloh Bates talks to Stephen Anderberg, the sector lead for U.S. CLOs at Standard and Poor's Global Ratings, about how CLOs are rated, trends in upgrades and downgrades and defaults. They also discuss how the September 18, 2024, interest rate cut may move the market. And they talk about how CLO ratings have performed relative to the more well-known corporate rating system. For a full transcript, or to learn more about Flat Rock Global, please visit flatrockglobal.com.