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CMU - Part 1: Misery In CLOs Without The Company Of High Yield
MFS Municipal Income Trust
By Tracy Chen
Despite the ongoing trade war, global slowdown, and rising geopolitical risks, 2019 may be remembered as the year when credit, emerging markets, and safe-haven assets all printed solid positive returns - except one corner of the credit market: collateralized loan obligation ((CLO)) mezzanine tranches. Is the underperformance of the CLO market a canary in the coal mine for U.S. credit? In this two-part series, we'll look at CLO spreads and then follow up with how this market stacks up against high yield corporate credit.