The CLO Investor Podcast

This episode is part two of Shiloh Bates' conversation with Chris Gilbert, Co-head of the Securitized Products Group at Natixis. Where the first part covered CLO debt ratings, this episode digs into CLO refinancings and resets — comparing the two options, walking through the economics and payback analysis on refis, and discussing how resets let a manager rebuild the capital structure, extend the reinvestment period, and clean up the portfolio.

In this episode of the CLO Investor Podcast, Shiloh Bates sits down with Chris Gilbert, Co-Head of Securitized Products at Natixis, to explore how CLO debt tranches are rated and examine proposed methodology changes from Fitch and Moody's. The discussion breaks down the mechanics behind CLO ratings, the potential impact of updated rating criteria on CLO investors and issuers, and how regulatory developments such as NAIC capital rules may influence demand across different parts of the CLO capital structure.

In this episode of the CLO Investor Podcast, Shiloh Bates sits down with Sam Garza, Portfolio Manager at DoubleLine, to discuss the evolving CLO market. They explore why CLO debt continues to offer attractive relative value, the challenges facing CLO equity investors, the rise of captive CLO equity funds, and the difference between broadly syndicated and private credit CLOs. The conversation also covers software loan exposure, the impact of AI on credit markets, higher-for-longer interest rates, and proposed rating agency changes that could reshape CLO structures and investor protections.

David Altenhofen, Head of Credit Management at Accunia Credit Management, joins The CLO Investor podcast to compare the US and European CLO markets, digging into topics like manager selection and alpha, CLO equity's recent struggles, software loan exposure, and a rare European CLO single-B default.

Laila Kollmorgen, Global Head of CLO Tranche Investing at MetLife Investment Management, joins The CLO Investor podcast to discuss her investment approach across the CLO capital structure and the products her team manages. Laila shares why she currently sees compelling opportunities in CLO equity, junior BBBs, and AAAs, while offering insights on software credit risk, AI disruption, private credit, and the evolving outlook for leveraged loans and CLOs.

Cyrus Moshiri, Head of Structured Credit at New Mountain Capital, joins The CLO Investor podcast to discuss how New Mountain is differentiated from other private credit businesses, if private credit is as attractive as it used to be, the risk in software industry loans, and loan default rates in general.

Chris York, Partner at SLR Capital, joins The CLO Investor podcast to discuss the evolving landscape for BDCs and private credit, including public BDC discounts, software loan risk, tender activity, and where risk‑adjusted opportunities remain as the cycle matures.

Drew Sweeney, Co-Head of Global Credit of TCW, joins The CLO Investor podcast to discuss loans to software businesses at a time when AI-displacement risk is elevated. We discuss the question of if declining software valuations and cash flows will be severe enough to impair first lien loans.

John Kim, CEO and Co-Founder of Reckoner Capital, joins The CLO Investor podcast to discuss the launch of innovative CLO ETFs, including leveraged and reinvesting structures. The conversation also covers broader trends in the CLO market, risk considerations, and how institutional and retail investors may think about CLO debt today.

Serhan Secman, Global Head of CLOs at Napier Park, joins The CLO Investor podcast to discuss the CLO investing business, inefficiencies in the market and the three factors that negatively effected CLO equity in 2025.