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Article

Investor Views on CLOs: Assessing Sector
Opportunities and Evaluating a CLO and Its Manager

David Yan, Serhan Secmen, Aashh K. Parekh, Volkan Kurtas and Gina Hubbell
The Journal of Structured Finance Winter 2013, 18 (4) 204-210; DOI: https://doi.org/10.3905/jsf.2013.18.4.204
David Yan
is global head of CLO/CDO research at Credit Suisse Securities (USA) LLC in New York, NY.
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  • For correspondence: david.yan@credit-suisse.com
Serhan Secmen
is a managing director and head of structured credit portfolios at Citi Capital Advisors in New York, NY.
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  • For correspondence: serhan.secmen@citi.com
Aashh K. Parekh
is director at TIAA-CREF in Charlotte, NC.
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  • For correspondence: aparekh@tiaa-cref.org
Volkan Kurtas
is a managing partner and CIO & CEO at DFG Investment Advisers in New York, NY.
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  • For correspondence: vkurtas@dfgia.com
Gina Hubbell
is a managing director at Guggenheim Investment Management in New York, NY.
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  • For correspondence: gina.hubbell@guggenheimpartners.com
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Abstract

U.S. collateralized loan obligations (CLOs) continued their strong comeback in 2012. Because most CLOs are passing their overcollateralization or reinvestment test, the majority of equity tranches are cash flow positive. The panelists can clearly see a divergence of performance among top and mediocre managers. In the question and answer section, the panelists addressed how manager performance is measured from both the equity and the debt perspective, what other qualitative measures are considered in the evaluation of a manager, how first-time CLO managers should be evaluated, the outlook for CLO performance, which parts of the capital structure in primary and secondary CLO transactions offer the best value, the main risks to the positive momentum in new-issue CLO volume, and the panelists’ forecasts for full-year CLO issuance.

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The Journal of Structured Finance: 18 (4)
The Journal of Structured Finance
Vol. 18, Issue 4
Winter 2013
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Investor Views on CLOs: Assessing Sector
Opportunities and Evaluating a CLO and Its Manager
David Yan, Serhan Secmen, Aashh K. Parekh, Volkan Kurtas, Gina Hubbell
The Journal of Structured Finance Jan 2013, 18 (4) 204-210; DOI: 10.3905/jsf.2013.18.4.204

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Investor Views on CLOs: Assessing Sector
Opportunities and Evaluating a CLO and Its Manager
David Yan, Serhan Secmen, Aashh K. Parekh, Volkan Kurtas, Gina Hubbell
The Journal of Structured Finance Jan 2013, 18 (4) 204-210; DOI: 10.3905/jsf.2013.18.4.204
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