Securitization

Les Collateralised Loan Obligations (CLO) peuvent offrir aux investisseurs obligataires une combinaison attractive de prime de rendement, de protection contre les taux variables, de diversification, de protection structurelle contre les baisses et de taux de défaut historiquement bas. Les changements réglementaires européens devant réduire considérablement les exigences de fonds propres applicables aux CLO début 2027, cette classe d’actifs mérite d’être examinée de près.

La couverture médiatique négative autour du crédit privé s'est intensifiée cette année, la correction des actifs du secteur des logiciels et la restriction des rachats de plusieurs fonds destinés aux particuliers ayant amplifié la pression sur l'industrie.

Collateralised loan obligations, or CLOs, have become an increasingly popular asset class within global fixed income.

Aza Teeuwen (Partner, Co-Head of ABS) and Elena Rinaldi (Portfolio Management) hosted a webinar on Wednesday 9 July 2025, where they shared insights into recent trends in global CLOs.

Eu égard au contexte macroéconomique de la baisse des taux et de la solidité de la croissance mondiale, Eoin Walsh, de TwentyFour Asset Management, estime que les investisseurs en obligations peuvent miser sur des rendements totaux élevés en 2025.

After a horrible year for financial markets in 2022, the macro-outlook for 2023 had a lot of consensus views, with most predicting a much better year ahead, helped by supportive rate cuts from central banks and positive returns from both government bonds and credit.  

While European ABS was not immune to negative returns amid the considerable fixed income headwinds of 2022, it gave investors largely what they look to this allocation for – lower volatility and better performance than mainstream bonds. In our view, the forward-looking opportunity looks equally compelling.

We can debate whether the European Central Bank is behind the curve or not, but Christine Lagarde says rates will be in non-negative territory by September.

As we enter the New Year, we say goodbye to an old “friend” that has accompanied us (for better and for worse) since the inception of the UK ABS market in the late 1980s – Sterling LIBOR.

With a student housing CMBS deal recently brought to market, Kevin Law evaluates the sector’s outlook in the aftermath of COVID-19

BWIC – or bids wanted in competition – lists, are a unique characteristic of the ABS and CLO markets, where they are widely used in secondary trading when investors are looking to sell bonds.

Last week, Morgan Stanley successfully brought the first public German Multifamily CMBS deal (HAUS - Eloc 39) to market since 2013. Despite coming to the market in the middle of the summer, the deal has attracted strong demand across the capital stack.