Finding Value Across the CLO Capital Stack

The panel examines where value can be found across the CLO capital stack in the current environment. Olivier Gozlan highlights the role of lower mezzanine tranches in providing resilience even under severe default scenarios. Kevin Wong discusses the volatility in single-B tranches, noting that supply dynamics drove spreads wide before partially recovering. The discussion covers how Europe is navigating credit cycles it has not experienced before, and why investment-grade tranches are outperforming sub-investment grade in the current risk-off environment.