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US CLO managers find plenty more fish in the sea after looking beyond triple-A anchors

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News and Analysis

US CLO managers find plenty more fish in the sea after looking beyond triple-A anchors

  1. Charlie Dinning
•6 min read

The largest buyers in the US CLO market have traditionally been anchor triple-A investors and two Japanese banks ruled the roost in this regard; Norinchukin Bank and Japan Post.

This year however, the CLO market has shifted away from the Japanese anchor investors, and instead many US CLOs have syndicated their triple-A tranches — the result being a sharper rally than might otherwise have been the case if the anchor investors were relied upon.

Syndicated triple-As was becoming a lingering trend, but by July Nochu and Japan Post brought their levels down and started to invest at the benchmark again.

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