Sector hub · 5 workflows · 4 news items
CLOs
- Securitizations of leveraged loans: BSL CLOs buy syndicated loans, middle-market CLOs buy private direct loans.
- Managers reinvest within tests: OC/IC by class, CCC bucket limits and excess haircuts, WARF, diversity.
- Warehouses fund the ramp before pricing; CLO equity takes first loss and gets residual cash.
Where the hours go
- Monthly trustee report reconciliation and test cushions
- Trade what-ifs against reinvestment criteria
- Credit-estimate and downgrade tracking for the CCC bucket
- Warehouse eligibility and ramp
- Equity/debt investor surveillance across managers
AI workflows for this sector
| PCT-037 | CLO compliance what-if: if these five loans drop to CCC, which OC test fails first? | Vendors No vendor verified | Vendor + in-house |
| PCT-042 | CLO equity and mezz surveillance: 30 deals, 12 managers, one cushion table the morning reports land | Vendors No vendor verified | Vendor + in-house |
| PCT-027 | Shadow-rate a borrower on the agency's own grid, then re-score your internal ratings when financials land | Vendors Credit Benchmark, Lumonic, Moody's, Orion (Private Credit AI), Fitch Ratings +7 · See all vendors for this stage → | Buildable in-house |
| PCT-013 | Soft credit events, read overnight: every amendment, waiver, PIK toggle and extension in your book | Vendors 9fin, Debtwire, Alphastream, CreditBase, Ontra +17 · See all vendors for this stage → | Vendor + in-house |
| PCT-075 | Agent notices against your book: interest, rate fixings, amortization and fees reconciled before cash lands | Vendors Alkymi, Alter Domus, Ellis, Finley, Hypercore +1 · See all vendors for this stage → | Vendor + in-house |
Latest news
- Private credit
Morningstar DBRS: distressed categories now 18% of its private credit ratings; downgrades outpace upgrades 3.1 to 1
Rising CCC share is exactly what eats CLO CCC buckets and OC cushions. Rated-note fund structures need the same test math.
Source: Morningstar DBRS ↗
- Vendor
Versana launches digital amendment voting with J.P. Morgan, Morgan Stanley and BofA
Amendment requests arrive faster and in structured form. Your side still has to read what you're voting on, overnight.
Source: Versana ↗
- Private credit
September CLO issuance: $41.1bn US, with middle-market CLOs at a 2026 high of $6.8bn across 15 deals
MM CLOs are the main term financing for direct-lending books. Strong MM issuance means more warehouses to ramp and more compliance tests to run on private loans.
Source: Trepp ↗ (September snapshot; exact publication date not shown on the page.)
- Vendor
Rogo adds Octus credit intelligence as a source inside Rogo agents
Licensed credit data is becoming a plug-in to agents rather than a destination. Check what your current licences already allow.
Source: Rogo ↗
Public data: what you can and can't get
- Trustee and monthly reports go to noteholders and are not public
- Most CLO notes are 144A: offering circulars are private
- Public: rating agency pre-sale and new-issue reports, agency CLO indices and commentary, and issuance stats (e.g. Trepp, KBRA monthly)
Sector descriptions are general and educational. Not investment advice.