KopenTech Year End CLO Review
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Primary issuance skyrockets in 2021
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2021 top ten Issuers and Arrangers
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New Issue AAA Spreads:
Reinvestment end > 3 years
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TRACE volume of $140 Bn falls short of 2020 record
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Most liquid tranches: BBs with 17% and BBBs with 14% of trading
AAAs are 39% of BWICs while being 60% of capital structure
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CLO equity trading with $3.7 Bn is double of 2020
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30% of IG trades occur via BWICs and 17% for HY
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Most traded & liquid managers
Weighted by AUM, most traded managers are not the most liquid
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CLO 2021 equity IRRs: 13% average & 12.5% median
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Long-dated deals increase over short-dated
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Deals with ESG language increase
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