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OXSQG - CLO Preferreds And Baby Bonds Update: Attractive Sector If You Avoid The Pitfalls
Oxford Square Capital Corp. 5.50% Notes due 2028
The CLO CEF senior security sector is easy to overlook, but it has a number of attractive features such as decent yields, strong asset coverage levels, and mandatory maturities.
Investors have to be mindful of a number of pitfalls, however, such as how to calculate yield and how to treat asset coverage.
We discuss how to gauge the risk / reward in the sector, focusing on the yield-to-worst and our bespoke Stress Test Recovery metric.
In the sector, we like the new preferred EICA as well as OXLCL and OXSQL.