Top insurers mark down CLO holdings following Covid-19 tumult

Louie Woodall
11 May 2020

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US insurer MetLife posted a $773 million paper loss on its $7.8 billion collateralised obligations portfolio as of end-March, up from $54 million just three months prior.

The portfolio, largely made up of collateralised loan obligations (CLOs), accounts for 53% of the firm’s $14.8 billion asset-backed securities holdings, but just 2% of its total available-for-sale fixed income book.

MetLife said the paper loss reflected the effects of the Covid-19 pandemic on leveraged loans. The fair value

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