CLOs seek to tie assets to loan index after missing out on Covid selloff [Reuters]
Goldman Sachs Group, Inc. (The) (GS)
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Source: Reuters
CLOs seek to tie assets to loan index after missing out on Covid selloff NEW YORK, June 26 (LPC) - US Collateralized Loan Obligation (CLO) managers are pushing to buy loans at increasingly reduced prices after being boxed out of distressed opportunities as the coronavirus pandemic took hold. Onex Credit and Oak Hill Advisors are among firms that have sought to include a provision that ties the price at which loans can be added to their portfolios to a leveraged loan index, according to deal documents. Linking the ability to purchase discounted loans without penalty to an index responsive to market volatility would have allowed CLOs to better take advantage of plunging prices in March. Some CLOs have also pushed to lower the minimum price at which the investments can be bought. CLO managers want more flexibility to buy distressed loans as defaults pile up, and the health crisis continues. The funds, the largest investors in the US$1.2trn US leveraged loan market, are constrained from b
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