過去数か月にわたり、Pembertonは投資家の皆様に CLOへの理解を深めていただくことを目的として、Weil, Gotshal & Manges（ロンドン）法律事務所との協力のも と、「CLO Insights Series」を発行してまいりました。本冊 子の目的は、これらのインサイトを一つにまとめ、CLOの 内部構造を紐解きながら、その本質的な仕組みに迫るこ とにあります。
複雑な概念をできる限り明確で分かりやすい言葉に置き 換えることで、レバレッジド・ローン市場における基礎的な 借り手と、CLO投資家の双方に利益をもたらす金融イン フラの一分野について、有益なガイドとなることを願って います。
CLOの世界についての本インサイトをお楽しみいただけ れば幸いです。
Managing Director, Head of CLOs
Robert is a Managing Director and Head of Collateralised Loan Obligation (‘CLO’) for Pemberton. CLOs invest in broadly syndicated leveraged loans and Robert is responsible for building Pemberton’s CLO business into an innovative platform.
Risk Retention, sometimes referred to as ‘skin in the game’, is an important requirement serving to align the interests of investors and other parties in a CLO transaction. In our latest CLO Insights Series, we take a deep dive into the Risk Retention Rules, examining how they apply under both EU and UK securitisation regulations […]
How do CLO managers balance the complexity of over 100 leveraged loans while protecting investor value? In our latest CLO Insights Series, we examine the importance of portfolio optimisation throughout a CLO's lifecycle, from the initial ramp-up through active management and beyond the reinvestment period. The article explores the constraints CLO managers work within, from eligibility criteria to collateral quality tests to coverage ratios, and how these protect noteholders while giving managers scope to enhance portfolio resilience.
Who’s who in CLOs? Issuing a CLO involves multi-disciplinary teams of specialists all working together. The number of parties involved in the creation of a CLO can be bewildering. In our latest CLO Insights Series, we break down the roles and responsibilities of each participant in a typical CLO structure. From the Collateral Manager and […]
How do CLO managers balance risk and return while maintaining portfolio quality standards? In the latest article in our CLO Insights Series, produced in association with Weil, Gotshal & Manges (London) LLP, we provide an analysis of Collateral Quality Tests and the matrices that guide CLO portfolio management. The piece breaks down five essential quality […]
What is a CLO waterfall and what does it do? The “waterfall” is one of the more colourful phrases used by the CLO community. Formally called “Priorities of Payments”, this mechanism controls how interest and principal proceeds flow from CLO assets to investors. Our latest CLO Insights breaks down exactly how these waterfalls operate, and […]
CLO structures incorporate mechanisms designed to protect investors across varying credit environments. Historical performance data from Standard & Poor's confirms negligible defaults across multiple stress periods, from the 2008-09 crisis through the recent inflation cycle.
The Standard of Care is central to CLO management. In the second edition of our CLO Insights Series, we examine its practical impact on managers’ responsibilities. The principle is straightforward but important: CLO Managers must manage capital with the same level of skill and attention they apply to comparable assets across their business. Reasonable care […]
Par value is the cornerstone of CLO structures, shaping investor protections and serving as a key measure of a manager’s skill. The first edition of our CLO Insights Series explores the central role of par value with a focus on: For institutional investors, understanding par value dynamics is essential for CLO evaluation and manager selection. […]
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