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U.S. Structured Credit Roundtable: Despite Economic Uncertainty, CLO Managers Anticipate More U.S. CLO Issuance And A Broadening Investor Base In 2012 Jan 12 Product Image

U.S. Structured Credit Roundtable: Despite Economic Uncertainty, CLO Managers Anticipate More U.S. CLO Issuance And A Broadening Investor Base In 2012 Jan 12

  • ID: 2040384
  • January 2012
  • Region: United States
  • Standard & Poors

Abstract
The collateral managers at Standard & Poor's recent roundtable discussion expect improving levels of new issuance in the U.S. CLO market during 2012 and a broadening of the investor base. In their discussion, they also highlighted the sector's strong historical performance over several credit cycles, high relative yields, reduced regulatory risk, and the growing need of many companies to refinance leveraged loans. New U.S. CLO issuance, however, could be lower than anticipated if the U.S. slips back into a recession or the European Economic and Monetary Union (Eurozone) is unable to resolve its sovereign debt, currency, and banking problems. Moreover, if the economy remains stable, or even improves, the biggest challenge may be to broaden the CLO investor base to...

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

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