Creaky credit sparks ‘high’ dispersion in CLO pricing

Investors are becoming more particular when it comes to tranches and managers

Dispersion is back. After nearly 18 months of aggressive rate hikes from central banks desperate to put the inflationary cat back in the bag, cracks are beginning to show in credit markets. And in collateralised loan obligations, the effect has been to scatter pricing.

The largely floating-rate loan markets that make up the foundation of the CLO system are starting to feel the squeeze of central bank hikes. Investors in CLOs, which buy around 70% of the broadly syndicated loans that have been

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