Category: CLOs
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US CLO 2.0 managers have not been fully using their cov-lite buckets, says Moody's. However, cov-lite holdings have grown as buckets have expanded since 2010 and cov-lites' share of the leveraged loan universe has also grown.
CLO managers appear to be using around half of their permitted cov-lite allowance. Cov-lite loan buckets typically constitute 50%-60% of portfolio par in recent deals, while cov-lite loans constitute an average of 26% of portfolio par for the 255 US CLO 2.0s
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