Collateralized loan obligation prices have been hit hard by a slump in the British pound and the unwinding of U.K. pension investments
Most CLOs issue bonds of different rank: Those with triple-A credit ratings get paid first, while junior bonds rated as low as double-B wait in line to receive payment. Insurers and pensions favor the higher-ranked CLO bonds because their credit ratings satisfy regulatory guidelines and because they pay higher yields than corporate and mortgage bonds with comparable investment-grade ratings., forcing U.K.
CLO prices have dropped to their lowest levels since May of 2020, according to an index of the securities operated by Palmer Square Capital Management. The firm’s investment-grade CLO bond index traded at 88.7 last week, down 4% since the start of September.
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