Fixed + Floating - The Credit Podcast
Fixed + Floating - The Credit Podcast
✓

Why Is CLO Equity Underperforming? And Can Private Credit CLOs Do Better? | Shiloh Bates (Flat Rock Global) #22

01:17:45
Podcasts
RSS
Link

ABOUT THIS EPISODE

Shiloh Bates (Flat Rock Global) on CLO equity returns, loan repricing and private credit CLOs.CLO equity returned about −8% in 2025, on Flat Rock Global's CLO Equity Index. Defaults on 2021-vintage LBOs rose, recoveries fell to around 50 cents, and performing loans repriced tighter.


Josef Pschorn speaks with Shiloh Bates about why reinvesting prepayments at a discount, the self-healing mechanism, no longer offsets those losses.


Shownotes and analysis: ⁠https://www.fixedandfloating.com/


Shiloh Bates: Partner and Chief Investment Officer, Flat Rock Global.

LinkedIn: https://www.linkedin.com/in/shiloh-bates-186ab28/

Flat Rock Global: https://flatrockglobal.com/

The CLO Investor podcast: https://www.youtube.com/playlist?list=PLnbXP4G8NDQI85q1cD--dAW6L5o0fKVWQ

CLO Investing (book): https://www.amazon.com/dp/B0CHN94H8G


Connect with Fixed + Floating: ⁠https://www.linkedin.com/company/fixed-floating⁠ | ⁠https://twitter.com/FixedFloating⁠ |


Fixed + Floating is for informational purposes only. Not investment, legal, or tax advice.


Recorded: 23.09.2026


#fixedfloating #creditmarkets #clo #privatecredit #leveragedloans #structuredcredit

Investing
Business
English
United States
Use API to fetch this episode in JSON

IN THIS EPISODE

Edit these tags

TRANSCRIPT 🔗

Are you the producer of this podcast? Add a podcast transcript
Need Audio-to-Text? Transcribe with Listen411 in Just 60 Seconds

SEARCH PAST EPISODES

Search past episodes of Fixed + Floating - The Credit Podcast.
Embed this search bar to your website

OTHER EPISODES IN THIS PODCAST

Distress in Auto Suppliers: Why Operational Fixes No Longer Work | Steiner (PWC) & Hauke (Willkie)

Distress in Auto Suppliers: Why Operational Fixes No Longer Work | Steiner (PWC) & Hauke (Willkie)

A third of Europe’s auto suppliers now sit in the distressed zone, and the share has barely moved in two years. Thesector has stopped behaving like a set of single restructuring cases and started behaving like a structural problem — one where operational stabilization no longer fixes the credit sto…
01:32:47
SHARE
SAVE
Liability Management in Software Credit: Covenant Erosion, Drop-Downs & the Xerox JV Maneuver | Sabrina Fox (Fox Legal Training)

Liability Management in Software Credit: Covenant Erosion, Drop-Downs & the Xerox JV Maneuver | Sabrina Fox (Fox Legal Training)

Covenant quality is weakening at a measurable rate, and software credits are where it is going to matter most. Full analysis: https://open.substack.com/pub/fixedfloating/p/why-software-credits-are-lme-catnip?r=718tew&utm_campaign=post&utm_medium=web Josef Pschorn speaks with Sabrina Fox o…
00:51:12
SHARE
SAVE
Significant Risk Transfer (SRT) Mechanics: Capital Relief, Tranching, and Cycle Risk | Frank Benhamou (Cheyne Capital)

Significant Risk Transfer (SRT) Mechanics: Capital Relief, Tranching, and Cycle Risk | Frank Benhamou (Cheyne Capital)

Significant Risk Transfers have quietly grown into a $1T+ hedged market — now bigger than European CLOs — and they sit at the centre of how banks manage RWAs, capital, and CET1 ratios. Full analysis: ⁠https://open.substack.com/pub/fixedfloating/p/significant-risk-transfer-has-quietly?r=718tew&…
01:10:51
SHARE
SAVE
HY Building Materials: Why It’s Really One Housing Trade | Andy Belton (Creditsights)

HY Building Materials: Why It’s Really One Housing Trade | Andy Belton (Creditsights)

US high-yield building products are a leveraged play on the US housing cycle dressed up across ten different tickers — and the concurrent distress in Cornerstone, JELD-WEN, Old Castle, and USLBM is the proof. Full written analysis: https://open.substack.com/pub/fixedfloating/p/one-housing-trade-te…
01:23:40
SHARE
SAVE
Big Market Delusion: Why Private Credit Is AI’s Biggest Loser | Aswath Damodaran (NYU)

Big Market Delusion: Why Private Credit Is AI’s Biggest Loser | Aswath Damodaran (NYU)

Each AI company can price itself on an internally consistent story about winning its market. Sum those stories and the implied revenues exceed any market that could exist — the big market delusion. Aswath Damodaran puts a ceiling on it: $142 trillion in global revenues last year against $20–25 tril…
00:59:25
SHARE
SAVE
Disclaimer: The podcast and artwork embedded on this page are from Josef Pschorn, which is the property of its owner and not affiliated with or endorsed by Listen Notes, Inc.
PROMOTED
Listen411.com: Lightning-fast Podcast Transcription and Summarization. Transcribe 1-hour audio in under 1 minute. Pay-as-you-go.
Listen411.com: Lightning-fast Podcast Transcription and Summarization. Transcribe 1-hour audio in under 1 minute. Pay-as-you-go.
Audio to Text

RECOMMENDATIONS
Use API to fetch this episode