The recent performance of collateralised loan obligation (CLO) equity has been impressive. In fact, over the 10 years to the end of 2016, the annualised performance of the asset class surpassed that of private equity, equities and high yield.
While CLO equity tranches sit within the credit universe, their characteristics including their risk and return profile – and the way they behave in a rising spread or crisis environment – differ from other credit instruments.
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