Seasoned Deals Struggle to Keep Reinvested
Banking & Financial Services / United States / Tue 12 Jun, 2018
The 2014 vintage U.S. CLOs have accumulated noticeably high cash balances as compared with other vintages with tighter collateral quality tests posing challenges to reinvestment. Of the 10-top cash-holding 2014 vintages, all were failing their weighted average life (WAL) tests, and all but one were also failing on their weighted average spread (WAS