PODCAST · business
The Last Tranche
by ION Analytics
Podcast from the Creditflux editorial team discussing global credit funds and CLOs.
Episodes
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The Last Tranche with Oaktree's Jones: why CLO equity is attractive again
Oaktree's Madelaine Jones discusses why investors are finding CLO equity more attractive. CLO issuance is booming due to a return of investors to the market. Many are drawn to CLO equity for its fast cash distribution nature that avoids the J-curve effect of private equity investments.
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The Last Tranche with YMER's Warzynski: we like primary equity again
In this episode of the Last Tranche, Hubert Warzynski, Partner and Co-founder of Scandinavian CLO investor YMER talks about why like primary European equity again, but only for a handful of managers.
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The Last Tranche with JP Morgan's Ferris: new managers should focus on equity
In this episode of the Last Tranche, Christine Ferris, JP Morgan's Global Head of CLO Primary talks about why she loves working with debut managers, despite the extra challenges they face. #CLO
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The Last Tranche with Octagon's Lam: CLO equity makes sense again
In this episode of The Last Tranche Gretchen Lam, CEO of Octagon Credit Investors, discusses whether investing in third-party CLO equity makes sense again.
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The Last Tranche with New Mountain's Kline and Moshiri
The Last Tranche with New Mountain's Kline and Moshiri: we have more flexibility than a typical CLO around industry selection In this episode of the Last Tranche, John Kline and Cyrus Moshiri from New Mountain Capital discuss the innovative rated feeder fund structure they recently priced, and…
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The Last Tranche with Pearl Diver's Layton: its not about tiering, its about portfolio construction
In this episode of The Last Tranche, Matt Layton, partner and head of Europe at Pearl Diver Capital, discusses strategies for investing in CLO debt and equity amid the recent rally in liabilities. Layton says that analysing a manager's past behaviour is a better predictor of CLO equity returns…
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The Last Tranche with Sound Point's Desai: the wrong CLO equity investment strategies will see negative returns
In this episode of The Last Tranche, Ujjaval Desai, head of structured products investing at Sound Point Capital Management, shares his ideas about the investment opportunity across the CLO equity universe. Desai says that the best strategies for investing in CLO equity could see returns of up to...
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The Last Tranche with Eagle Point's Ko: We haven't made a primary CLO equity investment in nine months
In this episode of The Last Tranche, Dan Ko, principal and portfolio manager at Eagle Point Credit Management, discusses the relative value opportunity in the CLO market. Ko says that his firm has not made a primary market investment in CLO equity since early 2022, in part because the tightness…
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The Last Tranche with Blackstone's Zable: regional banking volatility could lead to tighter triple A pricing in CLOs
In this episode of the Last Tranche, Robert Zable, global head of Blackstone's liquid credit strategies, discusses the fallout of the regional banking crisis sparked by the collapse of Silicon Valley Bank on the CLO market. Zable says that the volatile period in March saw deposits shift from...
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The Last Tranche with Octaura's Bejile: most mutual funds regard loans as illiquid because of long settlements
In this episode of The Last Tranche, Brian Bejile, founder and CEO of Octaura, discusses the latest developments towards electrification in the loan and CLO asset classes. Bejile draws from his own experience as a trader to highlight some of the inefficiencies that result from manually trading...
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The Last Tranche with MidOcean's Rotondo: retail bid is the wildcard in leveraged loan market
In this episode of the Last Tranche, Joe Rotondo, senior portfolio manager on the credit investments team at MidOcean Partners, looks back on a turbulent year for the leveraged loan asset class. Rotondo discusses the key trends and moments that influenced the loan market through the last 12…
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The Last Tranche with AlbaCore's Cohen Malka: The UK gilts crisis showed the CLO market is more liquid than people thought
In this episode of The Last Tranche, Deborah Cohen Malka, partner and portfolio manager at AlbaCore Capital Group, discusses the performance and challenges facing the European CLO market. Cohen Malka says that assets and liabilities in European CLOs are in a delicate balance, where the pricing of…
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The Last Tranche with Bain's Wright: We're likely to see manager consolidation as the benefits of scale come to bear
In this episode of The Last Tranche, Bain Capital Credit managing director John Wright discusses the manager landscape in the CLO market. Wright talks about the importance of a CLO manager's role in the performance of the asset class. Whether a manager is a small or large firm, whether a manager...
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The Last Tranche with Octagon's Nechamkin: Investors were selling the larger loans that were easier to sell
In this episode of the Last Tranche, Mike Nechamkin, chief investment officer and senior portfolio manager at Octagon Credit Investors, discusses the reasons behind the recovery in loan prices in recent weeks. He says that there has been a fair amount of dispersion in US loans. Although the US…
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The Last Tranche with Sycamore Tree's Parker: It's a question of when, not if, a recession hits the US economy
In this episode of the Last Tranche, Trey Parker, co-founder and chief investment officer at Sycamore Tree Capital Partners, discusses the optimal way for a CLO manager to invest through an economic downturn #CLO, #Creditflux
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The Last Tranche with CVC's Bergstresser: the CLO market will continue to function amid Ukraine crisis
#TheLastTranche, #Creditflux, #CLO, #LeveragedLoan, #CVCCreditPartners
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The Last Tranche with Napier Park's Secmen: Tailwinds fuelling the CLO market are masking manager incompetence
In this episode of the Last Tranche, Serhan Secmen, head of US CLO investments at Napier Park Global Capital joins to discuss how equity investors choose which managers to allocate to for the best long-term performance. Secmen says manager style meant some firms were better prepared for the covid...
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The Last Tranche with New Mountain's Moshiri: New CLO managers may increase risk if they do not have stable equity capital
#CLO, #leveragedloan, #newmountaincapital
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The Last Tranche with Capital Four's Skødeberg and Wiant: 26% of new European loans have ESG-linked margin ratchet, and the US could follow fast
Torben Skødeberg, CFA, Jim Wiant, #CLOs #ESG, #structuredcredit #leveragedloans
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The Last Tranche with Bardin Hill's Raciti: For-profit prisons are classified as construction and have some of the best ESG scores
CLO, Leveragedloans, Bardin Hill Investment Partners
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The Last Tranche with Tetragon's Michalczuk and Pang: Every missed quarterly payment can reduce CLO equity IRRs by up to 100bp
#Tetragon Financial Group, #CLO, #leveraged loans
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The Last Tranche with Antares' Seth Painter: we could start to see syndicated middle market CLO equity
Antares Capital, CLO, Private Credit
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The Last Tranche with Carlyle's Basmadjian: We are in the expansion phase of a new credit cycle
#CLO #Carlyle #TheLastTranche #Creditflux
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The Last Tranche with Pretium's Goss: Airlines are the barometer for the reopening trade
#CLO, #Leveragedloans, Pretium
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The Last Tranche with Hildene's Jain: Cirque Du Soleil shows CLOs do not have to lose out in a restructuring
#CLO, #Creditflux, #Hildene
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The Last Tranche with CIFC's Huang: CLO valuations are often based on unreliable data
#CLO #Creditflux #CIFC
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The Last Tranche with Sound Point's Ketchum: CLOs have fortress-like capital structures
In this episode of The Last Tranche, Creditflux's Hugh Minch and Sound Point Capital Management's Stephen Ketchum discuss the macro-picture for the US credit markets and who should be on the lookout for inflation
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The Last Tranche with Flat Rock's Bates: mid-market CLO equity proves advantageous in crisis
In this episode of The Last Tranche, Creditflux's Hugh Minch sits down with Flat Rock Global managing director Shiloh Bates. Topics include launching a new CLO fund, the advantage of middle market CLOs in a crisis, and how some risk retention fund investors' equity positions have underperformed....
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The Last Tranche with Guggenheim's Duffy: CLOs will pay more for loans than today’s index prices
Marking the long-awaited return of the Last Tranche podcast, Creditflux's Hugh Minch talks to Adrian Duffy, head of European corporate credit at Guggenheim Investments in Dublin. Topics include life under lockdown, tackling the challenges of managing CLO portfolios since the March sell-off, as…
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Frequently Asked Questions
How many episodes does The Last Tranche have?
The Last Tranche currently has 30 episodes available on PodParley. New episodes are automatically indexed when they're published to the podcast feed.
What is The Last Tranche about?
Podcast from the Creditflux editorial team discussing global credit funds and CLOs.
How often does The Last Tranche release new episodes?
The Last Tranche has 30 episodes. Check the episode list to see recent publication dates and frequency.
Where can I listen to The Last Tranche?
You can listen to The Last Tranche on PodParley by clicking any episode. We provide an embedded audio player for direct listening, and you can also subscribe via your preferred podcast app using the RSS feed.
Who hosts The Last Tranche?
The Last Tranche is created and hosted by ION Analytics.
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