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Alternative Market Briefing

DoubleLine signs on to CLO technology

Wednesday, May 28, 2014

Bailey McCann, Opalesque New York:

As the interest in CLOs continues unabated, Jeffrey Gundlach's $50+bn fixed income shop DoubLine Capital is signing on with Vichara's V*CLO platform for analysis of collateralized loan obligations (CLOs) and their underlying collateral pools.

CLO's have seen chart topping post-crisis growth in recent weeks. U.S. CLO issuance in April hit $11.8bn the the largest monthly total since the crash according to data from S&P Capital IQ/LCD. April brings total collateralized loan obligation issuance for the year to $34.5bn, ahead of the $30.2bn this time last year.

Bloomberg reported late last week that Onex Corporation raised a record breaking $1bn collateralized loan obligation, the largest fund raised in the U.S. this year. Taken together the news of DoubleLine's interest in ramping up CLO IT shouldn't be too much of a surprise. In a statement DoubleLine said they were impressed by the level of customization offered by Vichara's platform. DoubleLine also noted in its most recent commentary that it would be increasing its allocations to floating rate bank loans.

CLOs typically have a lower default rate than CDO's which make them appealing to investors despite recent increased regulatory scrutiny on the products. The Onex CLO for example, was a Triple-A tranche, coming i......................

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