Shortlisted
30-Oct-24
A new way to invest in AAA CLOs
06-Nov-24
Shortlisted
30-Oct-24
A new way to invest in AAA CLOs
06-Nov-24
 

Insights

12 minute read

Introduction to CLO debt

MIGUEL70

Miguel Ramos Fuentenebro

Co-founder and Partner

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Introduction to CLO debt: with a focus on AAA-rated CLOs

Fair Oaks’ core belief is that the CLO market generates consistent, repeatable, and superior risk-adjusted returns over multiple market cycles versus other credit strategies.

CLOs offer:

  • Attractive yield versus similarly rated credit assets
  • Historically low default rate through multiple market cycles
  • Minimal interest rate risk

Collateralised loan obligations (“CLOs”) offer floating-rate exposure to credit, more specifically senior secured corporate loans. There is growing interest in alternative investments, and in floating-rate credit in particular given the currently attractive yields and minimal interest rate risk. CLOs are well positioned to access this market while uniquely benefiting from intrinsic features supporting investors.

CLOs can offer high yields in excess of other equivalently rated credit assets as their structure provides a wide range of investment options to investors.

The secured nature and positive historical track record of the underlying floating-rate assets, coupled with the credit protections of the CLO structure, has resulted in a very low default record for rated CLO notes through multiple credit cycles. For example, no AAA-rated CLO note has ever defaulted.

The structure of a CLO

Overview

CLOs are actively managed diversified portfolios of senior secured loans, typically from 100-300 large corporate issuers. While loans typically have extended settlement periods, CLOs settle on a T+2 basis in Europe as they are tradable securities, providing liquidity to investors. Each CLO is efficiently financed by long-term debt notes and a first-loss equity note. This combination of diverse underlying senior secured loans, coupled with the structural integrity and flexibility of the CLO structure, enables CLOs to stand apart in the credit markets.

Debt notes sequentially receive quarterly interest payments through a cashflow waterfall. Payments are first made to senior debt notes (rated AAA), then in turn to junior debt notes (rated BB or single-B), with net excess cashflows paid to the equity tranche.

Subordination provides protection to debt notes as credit losses flow up through the capital structure. This has resulted in CLOs having lower historical default rates than similarly rated and even higher rated corporates.

As a result of the range of credit ratings assigned to CLO debt notes, CLOs attract a broad and stable investor base, from banks, pension funds and insurance companies to specialized asset managers and hedge funds. Consequently, the CLO market now stands at over $1 trillion in size, making it an established and liquid asset class. Given the 25+ year track record, liquidity profile and opportunity for exposure to loans, CLOs are a key asset class for investors to consider in order to diversify a portfolio.

CLO collateral: senior secured bank loans

Broadly syndicated loans ("BSL"), otherwise known as senior secured bank loans, form the majority of the assets within a CLO. These are loans to large corporates, often backed by private equity, with a minimum EBITDA/facility size, rated BB+ or below and syndicated by banks to a range of institutional investors.

While BSLs are high-yield by nature, their first-lien position within the capital structure means that, in the event of default, loans can achieve higher recovery rates than junior debt such as high-yield bonds. From 2002-2021, the average recovery for first-lien term loans was 76%, compared to 39% for second-lien and 35% for unsecured notes.1 The average default rate of loans has also been historically lower than that of high-yield bonds.2

A CLO must adhere to multiple portfolio guidelines, requiring active management to ensure compliance with regular tests. These tests ensure that a minimum diversification level and maximum level of risk is maintained.

CLO financing: rated debt and first-loss equity tranches

A CLO is similar to a financial institution as it uses long-term, non-recourse, non-mark-to-market debt to finance the acquisition of a diversified portfolio of senior secured bank loans. The debt is issued as rated tranches and a first-loss equity note. Through this structure, CLOs offer varying levels of risk and return, with CLO notes benefiting from protection against credit losses through subordination (with the first loss borne by the equity note) and cashflows flowing through a “waterfall”.

In addition to the asset diversification and credit enhancement of CLO notes provided by its structure, intrinsic features support noteholders and have enabled CLOs to weather multiple market cycles with low default rates – no European AAA CLO note has defaulted and the annualised 10-year default rate for BB notes is only 0.22%.3 CLOs do not have any significant currency or interest rate mismatch. Floating-rate assets are matched with floating-rate financing and any currency mismatch is hedged. Unlike banks, CLOs strictly manage the maturity of assets and liabilities as CLO notes have longer maturities than the loans they finance and regular tests ensure compliance throughout the CLO’s lifecycle. For example, if a tranche’s test is breached, self-correction mechanisms allow for the redirection of cashflows until tests are met, directing cashflows away from more junior tranches and the equity note.

Crucially, CLOs benefit from no mark-to-market risk, meaning they are not forced to post margin or sell assets during market downturns. Ultimately, performance of CLO notes is primarily driven by actual default losses, not mark-to-market volatility. During 2008 and 2020, CLOs demonstrated their resilience to stressed market conditions. CLOs issued just before periods of stress were able to benefit most from volatile markets given their non mark-to-market, actively managed portfolios.

CLO lifecycle

During the life of a CLO, the vehicle is actively managed to add value and reduce credit risk. The CLO manager trades loans and adjusts the positioning of the portfolio to take advantage of changing market conditions (subject to investment guidelines and compliance of tests).

After the end of the reinvestment period, loan principal repayments are used to pay down CLO liabilities, starting from the most senior AAA CLO notes and following the same “waterfall” as interest payments. Often the CLO is called before maturity, meaning the CLO debt is repaid at par, realising any current market discount.

Understanding key events during a CLO's lifecycle such as non-call period, re-investment period and deleveraging

Non-call period

During the non-call period, a CLO is unable to be called. This means this is the minimum period during which the CLO will be outstanding and during which the deal cannot be refinanced/reset. This period is typically 1 to 2 years. 

Re-investment period

During the re-investment period, a CLO manager can actively trade the portfolio of loans, enabling a CLO manager to mitigate risks within the portfolio by selling loans, as well as invest in new loans. Trading is subject to portfolio limits and ongoing tests to set out in a CLO's documentation. This period is typically 3-5 years. 

Deleveraging

After the end of the re-investment period, the CLO structure naturally deleverages (also known as amortizes) over time as loan repayments are limited from being reinvested. Instead, loan principal proceeds are typically used to repay CLO noteholders in the same waterfall sequence as interest payments, first repaying the AAA notes completely before repaying lower tranches. While theoretically this occurs until no CLO debt notes are outstanding, in practice the deal is typically called by the CLO equity holder around 2 years after the end of the reinvestment period when the deal has sufficiently deleveraged. 

Key risks of CLOs and the mitigants

Credit risk

Credit losses within their loan portfolios are the ultimate driver of performance for CLOs. Therefore, CLOs aim to minimise this risk through:

  • Avoiding idiosyncratic risk through a diversified portfolio of loans across multiple sectors.
  • Structural credit enhancement and ‘self-correcting’ features, such as excess interest, overcollateralisation, and potential cashflow diversion.
  • Active management by the CLO manager with loan portfolio constraints.

While loan default rates have spiked during stressed periods, there has never been a sustained level of loan default losses over several years that was high enough to cause a significant number of CLO (junior) notes to default.4

Extension risk

If loans are not repaid as initially expected, and instead amended to extend maturities, this can prolong the CLO’s amortisation (deleveraging) profile, meaning principal repayments of CLO debt can be later than anticipated. CLO documentation has evolved to limit a CLO manager’s participation in these transactions.

 

Analysing different CLOs

While CLO structures and documentation are somewhat standardised, each CLO is different, warranting individual analysis of each CLO and constant monitoring of portfolios. This analysis should include a fundamental review of loan portfolios, as well as detailed analysis of the deal’s structure, documentation, current metrics, and the CLO manager’s track record and style.

Advantages associated with CLOs

Liquid corporate credit exposure without taking idiosyncratic risk

CLOs offer an efficient access to an attractive asset class, floating-rate credit, wihile avoiding some of the credit and liquidity risks of investing directly in loans or loan funds. Unlike a loan fund, in which investors take a pro-rata share of credit losses, CLO debt holders mitigate against such idiosyncratic risk through structural subordination. Bank loan fund liquidity is also constrained by long settlement process (loan assignment). Conversely, CLO notes are securities and settle on a T+2 basis in Europe, enabling investors to gain exposure via open-ended funds with daily liquidity.

 

Attractive spread pick-up within credit

The spread of CLO debt tranches offers investors enhanced risk-adjusted returns within alternative credit and versus similarly rated corporates, while also catering to different investor risk appetites.5 For example, AAA-rated CLOs can offer a meaningful spread pick-up versus similarly rated and even lower-rated BBB corporates.

Floating rate debt with minimal interest rate risk

Given their floating rate nature, CLOs offer investors minimal interest rate. This means that CLOs do not suffer the same pricing sensitivity to changing interest rates, such as fixed-rate high-yield bonds. Given the uncertainty surrounding central bank policies, and the potential for a “higher-for-longer” scenario CLOs can offer investors enhanced yields versus traditional fixed income products with longer duration such as high-yield bonds.

 

Defensive and long track record of minimal defaults

Given the structural subordination and credit enhancement features embedded within CLOs, cumulative defaults since 1981 have been significantly lower than similarly rated corporates.6

Active portfolio management by CLO manager

As a CLO manager actively trades the portfolio over a lifecycle, CLOs can mitigate risk and take advantage of developing market conditions, despite not being marked-to-market. This enables managers to manage default risk  from any downward credit migration, participate in new transactions as other loans are repaid, and ensure continued compliance with all diversification requirements and coverage tests required by the CLO structure. When investigating in a well-managed fund of CLOs, there are ultimately two investment teams examining the loan portfolio - the CLO manager and the investment manager selecting the note.

Accessing the CLO market

Traditionally, the CLO market was largely reserved for institutional investors such as banks and pension funds. Given the CLO market’s growing size and efficient trading, more open-ended funds have offered exposure to CLOs in recent years. Today, investment is now possible through ETFs, allowing additional market participants to gain access to the CLO market.

Conclusion

CLO market key points:

  • CLOs provide exposure to diversified pools of senior secured loans with non-mark-to-market financing.
  • CLOs offer different risk-return profiles with CLO debt notes rated AAA through B and unrated CLO subordinated CLO notes (or “CLO equity”).
  • CLOs can provide a valuable addition to a diversified fixed income portfolio given their attractive risk-adjusted return and floating-rate nature.
  • CLOs offer a substantial yield increase compared to similarly rated bonds.
  • CLOs have experienced default rates far below similarly rated corporate bonds.
  • CLOs are an established and liquid market with a 25+ year track record and the global CLO market is over $1 trillion in size.

 

AAA-rated CLO notes key points:

  • AAA-rated CLOs are positioned at the top of the CLO capital structure, offering the highest level of overcollateralization
  • No AAA-rated CLO has ever defaulted
  • AAA-rated CLOs offer a meaningful spread pick-up versus corporates.

Endnotes

  1. Fitch's," U.S. Leveraged Finance Restructuring Series: Ultimate Recovery Rate Study (First-Lien Term Loan Recoveries Dip in 2020, Begin to Recover in 2021)", 21-Mar-22.
  2. Bank of America as at 30-Sep-24. Long-term average US default rate since Mar-03, when data is available.
  3. S&P's, "Default, Transition, and Recovery: 2022 Annual Global Leveraged Loan CLO Default And Rating Transition Study", 10-year time horizon, 13-May-23.
  4. Bank of America and Pitchbook LCD. Average par subordination of European CLO tranches between 2013 and 2022. For illustrative purposes only.
  5. JP Morgan as at 30-Sep-24. Euro AAA CLO primary DM, Corporate (includes Industrials and Financials) AAA to BBB 3-5 year maturity asset swap spread.
  6. S&P's, "Default, Transition, and Recovery: 2022 Annual Global Leveraged Loan CLO Default And Rating Transition Study", 10-year time horizon, 13-May-23. S&P's "Default, Transition, and Recovery: 2022 Annual Global Corporate Default And Rating Transition Study", 10-year time horizon, 25-Apr-23.

Capital is at risk. The value of your investment may go down as well as up and you may not get back the amount you invested. Investors should read the key risks section and important information section of this page, KIID and Prospectus prior to investing.

 

GLOSSARY

Collateralised Loan Obligation (CLO): Securities backed by corporate debt assets. Both CLO securities and underlying assets are typically floating-rate, meaning a regular but variable interest payment is received as it is tied to a benchmark rate (typically EURIBOR in Europe and SOFR in the US). CLO securities are issued in multiple classes ranging from rated debt notes (typically AAA to BB/single-B) to first-loss equity notes. The principal and interest received from CLO’s assets is allocated sequentially between the classes. The payment of interest and principal to holders of CLO equity notes will only be made from the cash flows received on the CLO’s assets after senior ranking classes and expenses of the CLO have been sequentially paid, starting from the most senior class outstanding. CLO debt is sequentially protected by loss-absorbing junior-ranking notes, while the equity note bears the first risk default on the CLO’s assets.

Sustainable Finance Disclosure Regulation (SFDR) classification: Article 8 indicates that the product promotes environmental or social characteristics.

Total Expense Ratio (TER): A measure of the total costs per annum associated with managing and operating the product. This primarily consists of management fees and operating expenses such as trustee, custody or registrations costs. Expressed as a percentage of assets under management.

Current yield: Weighted average current coupon of assets held by the portfolio divided by the weighted current market price of the portfolio. Expressed as a percentage. The coupon of a CLO is typically paid quarterly and is tied to a reference rate (typically EURIBOR in Europe and SOFR in the US). Expressed as a percentage.

Spread to maturity: The discount margin over the benchmark rate (typically EURIBOR in Europe and SOFR in the US) that equates the present value of the portfolio’s cash flows with its market value, if all investments are held to their expected maturities. Expressed as an annual percentage.

Spread duration to maturity: Sensitivity of a bond’s price to a change in credit spreads, modelled based on expected average life for the invested portfolio. Expressed in years.

Total return: The change in value of an investment over a certain timeframe. It includes any net income (such as dividends) and change in capital value. Typically measured net of any fees. Expressed as a percentage change.

Interest rate duration: A measure of the responsiveness of an investment’s price to changes in interest rates. Expressed in years.

Undertakings for collective investment in transferable securities (UCITS): A European regulatory framework for open-ended funds investing in listed securities, authorised and monitored by a regulatory body (such as the Commission de Surveillance du Secteur Financier in Luxembourg or the Central Bank of Ireland in the Republic of Ireland).

Key investor information document (KIID): A short, two-page, document containing essential information about a fund, providing investors an understanding of the key risks and helps them to make an informed investment decision.

 

KEY RISKS

The following risks may affect the Sub-Fund. Full details of all risks the Sub-Fund is exposed to are provided in the Prospectus and KIID.

CLO valuation: The value of a CLO may be affected by a number of factors, including: credit spreads, changes in the performance or the market’s perception of the underlying assets backing the security and changes in the market’s perception of the adequacy of credit support built into the security’s structure to protect against losses. 

CLO liquidity: The secondary market for CLOs may not be as liquid as the secondary market for corporate debt. As a result, the Investment Manager could find it more difficult to sell these investments or may be able to sell them only at prices lower than if they were more widely traded. It may be difficult to establish accurate prices for such investments for the purposes of calculating the Sub-fund’s Net Asset Value. Therefore, prices realised upon the sale of such investments may be lower than the prices used in calculating the Sub-fund’s Net Asset Value.

Dependence on Managers of CLOs: The performance of the Sub-fund’s investments in CLOs will depend in part upon the performance and operational effectiveness of the managers of the CLOs.

Secondary Market Trading Risk: There is no guarantee that trading of ETF Shares on stock exchanges shall be possible including in, but not limited to, the following circumstances (i) such listing has not been achieved and/or maintained, (ii) the rules and requirements of any stock exchanges applicable to the listing of ETF Shares have changed or (iii) trading on such stock exchanges is suspended due to market conditions. Notwithstanding the listing of the ETF Shares on one or more stock exchange, there is no guarantee as to the liquidity of the ETF Shares on any stock exchange or as to the correlation of the trading price of ETF Shares on any stock exchange and the Net Asset Value for such ETF Share. On any given stock exchange, ETF Shares may trade at, above or below their Net Asset Value and such trading price may fluctuate in accordance with changes in the daily Net Asset Value, intraday changes in the Net Asset Value and market supply and demand for ETF Shares.

 

IMPORTANT INFORMATION

FOR INSTITUTIONAL AND INFORMED INVESTORS ONLY. THE FUND’S ETF SHARES MAY NOT BE OFFERED TO RETAIL INVESTORS WHO ARE BASIC INVESTORS ON AN EXECUTION ONLY BASIS. IN EACH CASE AS PRESCRIBED IN THE EUROPEAN MIFID TEMPLATEE.

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Past performance is no indication of future results. Inherent in any investment is the potential for loss. Returns may increase or decrease as a result of currency fluctuations. Target returns and distributions are hypothetical targets only and are neither guarantees nor predictions or projections of future performance. There can be no assurance that such targeted returns will be achieved or that the product will be able to achieve its investment objective, policy or strategy or avoid substantial losses. Any decision to invest should be based on the information contained in the appropriate prospectus and after seeking independent investment, tax and legal advice. The content of this page does not constitute investment advice nor an offer for sale nor a solicitation of an offer to buy any product or make any investment.

The classes of ETF Shares (hereafter the “ETF Shares”) referenced in this page are issued by Fair Oaks AAA CLO Fund (the “Sub-Fund”), a sub-fund of Alpha UCITS SICAV (the “Company”), a public limited liability company incorporated as an investment company with variable capital under the laws of Luxembourg and registered pursuant to part I of the act dated 17 December 2010 on undertakings for collective investment. This page should be read in conjunction with the prospectus, the relevant supplement and the Key Investor Information Document (KIID) relating to the Sub-Fund and its ETF Shares (together the “Offering Documents”). Any offer or subscription for ETF Shares may only be made on the basis of such Offering Documents. The indicative intra-day net asset value of the Sub-Fund is available at https://www.solactive.com

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Notice to UK investors: The Fund is authorised overseas and not in the United Kingdom. The UK Financial Ombudsman Service is unlikely to consider complaints related to the Fund, its management company, or its custodian. Claims for losses related to the management company or custodian are unlikely to be covered under the UK Financial Services Compensation Scheme. Prospective investors should seek financial advice before investing and refer to the Fund’s prospectus for more information.

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An introduction to CLOs

Fair Oaks’ core belief is that the CLO market generates consistent, repeatable, and superior risk-adjusted returns over multiple market cycles versus other credit strategies:

  1. Diversified access to senior secured loans
  2. Attractive yield versus similarly rated credit assets
  3. Historically low default rate through multiple market cycles
  4. Minimal interest rate risk

CLOs are actively managed diversified senior secured loan portfolios, consisting of 100-300 large corporate issuers. While loans typically have extended settlement periods, CLOs settle on a T+2 basis given they are tradable securities, providing liquidity to investors. Each CLO is efficiently financed by long-term debt notes and a first-loss equity note. This combination of diverse underlying senior secured loans, with the structural integrity and flexibility of the CLO structure, enables CLOs to stand apart in the credit markets.

 

Debt notes sequentially receive quarterly interest payments above the reference rate (SOFR/EURIBOR) through a cashflow waterfall.  Payments are first made to senior debt notes (rated AAA) until junior debt notes (rated BB or single-B), with net excess cashflows paid to the equity tranche.

 

Subordination provides protection to debt notes as credit losses flow up through the capital structure. This has resulted in low historical default rates, enabling CLO notes to outperform default rates of similarly rated and even higher rated corporates.

CLOs attract a broad and stable investor base as a result of the credit rating assigned to debt notes, from banks, pension funds and insurance companies to specialized asset managers and hedge funds. As a result, the CLO market now stands at over $1 trillion in size, making it an established and liquid asset class. Given the c.25+ year track record, liquidity profile and opportunity for exposure to loans, CLOs are a key asset class for investors to consider in order to diversify a portfolio.

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We reserve the right to vary these terms of use at any time and will post any variations here. You are advised to review these terms of use on a regular basis as you will be deemed to have accepted variations if you continue to use the website after they have been posted.

The contents of this website are only accessible by Professional Clients and Eligible Counterparties. Retail Investors should not view or seek to rely on any information contained in this website and should in all instances consult their financial adviser. The Prospectus, Financial Reports and Key Investor Information Documents relating to the ETF Class(es) of the Fund referenced on this website can be found at www.waystone.com/our-funds/waystone-managed-funds/

Notice to Swiss Investors: By selecting “Professional Client”, you are confirming that you are a Qualified Investor in Switzerland as defined in the Swiss Collective Investment Schemes Act of 23 June 2006, as amended and its implementing ordinance. This website can only be accessed in Switzerland by Qualified Investors.

If you are not a Qualified Investor in Switzerland (as defined in the Swiss Collective Investment Schemes Act of 23 June 2006, as amended and its implementing ordinance) then please leave this website now. Certain of the products on this website may not be distributed other than to Qualified Investors.

The Swiss representative and paying agent of the Fair Oaks AAA CLO Fund, a Luxembourg domiciled UCITS sub-fund, is RBC Investor Services Bank S.A., Esch-sur- Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The latest Prospectus, Key Investor Information Document (KIID), Articles of Association and annual and semi-annual reports relating to the Fair Oaks AAA CLO Fund can each be obtained free of charge from the Swiss representative and paying agent. The place of performance and jurisdiction is the registered office of the Swiss representative with regards to shares of the Fair Oaks AAA CLO Fund distributed in and from Switzerland.

Terms and Conditions

Important notice

This website is operated by Fair Oaks Capital Limited, a limited company registered in England and Wales, with registered number 08260598, having its registered office at 1 Old Queen Street, London, SW1H 9JA. By using this website, you agree to these Terms and Conditions of Use, as well as to Fair Oaks Capital Limited’s Privacy Notice and Cookies Policy (together the “Terms”), which constitute a legal agreement between you and Fair Oaks Capital Limited governing your access to and use of this website. It is your responsibility to review the Terms and to make sure you understand and comply with them. Your compliance with the Terms is an ongoing condition to your use of this website, and you may not use it if you are not prepared to comply with all of the Terms.

Fair Oaks Capital Limited is authorised and regulated by the UK Financial Conduct Authority (“FCA”). References to “we” or “us” shall mean Fair Oaks Capital Limited and, where relevant, its affiliates, including Fair Oaks Capital US LP. Fair Oaks Capital US LP is a Delaware limited partnership with its place of business at 152 West 57 Street, New York, NY 10019.

Content of this website

This website is provided for your general information only and does not constitute investment advice or an offer to sell or the solicitation of an offer to buy any investment.

Nothing on this website is advice on the merits of any product or investment, nothing constitutes investment, legal, tax or any other advice nor is it to be relied on in making an investment decision. Prospective investors should obtain independent investment advice and inform themselves as to applicable legal requirements, exchange control regulations and taxes in their jurisdiction.

This website complies with the regulatory requirements of the United Kingdom. There may be laws in your country of nationality or residence or in the country from which you access this website which restrict the extent to which the website may be made available to you. If you are not permitted to access this website in accordance with the laws of your country or nationality of residence then please leave this website now.

Certain information contained on this website may be of a historical nature and may now be out of date. All historical information should be understood as speaking from the date of its first publication.

Likewise, this website may contain forward-looking statements. These forward-looking statements are subject to uncertainties and inherent risks that could cause actual results to differ materially from those contained in any forward-looking statement. We undertake no duty to update publicly any forward-looking statements contained herein, in light of new information or future developments.

Although the information provided to you on this website is obtained or compiled from sources we believe to be reliable, we cannot and do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available to you for any particular purpose. All information published is in good faith but no representation or warranty, express or implied, is made by us or any person as to its accuracy or completeness and it should not be relied on as such. We shall have no liability for any loss or damage arising out of the use of or reliance on the information provided including, without limitation, any loss or other damage, direct or consequential.

We have published a number of articles in the Insights section of this website. Opinions in such articles are our current opinions, and are subject to change without notice. We assume no responsibility to update information contained in such articles or to notify you of any changes. Any outlooks, forecasts or portfolio weightings presented in such articles are as of the date appearing therein and are also subject to change without notice. We disclaim any responsibility to update such views. Such commentary is intended for ‘institutional investors’ only (as such term is defined in various jurisdictions). Such commentary does not constitute an offer to sell any securities or the solicitation of an offer to purchase any securities. Such commentary discusses topical aspects of credit markets and should not be construed as research, investment advice, or any investment recommendation. Investment concepts mentioned in such commentary may be unsuitable for investors depending on their specific investment objectives and financial position. Fees, commissions, tax considerations and other transaction costs may significantly affect the economic consequences of any investment concepts referenced in such commentary and should be reviewed carefully with one’s investment and tax advisers. All information in such commentary is believed to be reliable as of the date on which this commentary was issued, and has been obtained from sources believed to be reliable. No representation or warranty, either express or implied, is provided in relation to the accuracy or completeness of fairness of the information or opinions contained therein.

Distribution of information

The distribution of the information and material on this website may be restricted by law in certain countries. None of the information is directed at, or is intended for distribution to, or use by, any person or entity in any jurisdiction (by virtue of nationality, place of residence, domicile or registered office) where publication, distribution or use of such information would be contrary to local law or regulation, or would subject us to any registration or licensing requirements in such jurisdiction. You must inform yourself about, and observe any such restrictions in your jurisdiction and by accessing this website you represent that you have done so. The information on this website is not for distribution and does not constitute an offer to sell or the solicitation of any offer to buy any securities in the United States to or for the benefit of any United States person (being residents of the United States or partnerships or corporations organised under the laws thereof). None of the funds or other investment products contained on this website have been registered in the United States under the Investment Company Act of 1940 and interests therein are not registered in the United States under the Securities Act of 1933.

We may monitor and/or record any telephone communications and electronic communications with you.

Risk Warnings

Investments can involve significant risk. Past performance is not a guarantee of future performance. The price of investments can go down as well as up and may be affected by changes in rates of exchange. An investor may not get back the amount invested. Target returns and distributions are hypothetical targets only and are neither guarantees nor predictions or projections of future performance. There can be no assurance that such targeted returns will be achieved. The price of investments listed on an exchange is determined by supply and demand, and may not equate to the value of the investment’s underlying assets. Any decision to investment should be based on the information contained in the appropriate prospectus, offering memorandum or equivalent contractual document and after seeking independent investment, tax and legal advice.

Linked Websites

This website may provide addresses or hyperlinks which lead you to other websites (“Linked Sites”). We have not reviewed nor do we endorse or recommend any products or services offered or information contained on Linked Sites, and disclaim any liability for their content or any consequences of their use. Any web addresses and hyperlinks in this website are provided solely for convenience and information. Accessing any Linked Sites shall be at your own risk.

IP rights

This website and its content are owned by Fair Oaks Capital Limited, and may contain information, text, graphics, video, software, logos, and other materials (“Content”) that are protected by copyright, trademarks, or other proprietary rights. No permission is granted to upload, copy, modify, post, frame, amend or distribute any of the Content of this website in any way without obtaining the prior written permission of Fair Oaks Capital Limited. All intellectual property rights in any part of the world which subsist in the Contents of this website and which belong to Fair Oaks Capital Limited, save as expressly granted, are hereby reserved. This website contains various registered and unregistered trade marks belonging to Fair Oaks Capital Limited. The registered trademarks include, but are not limited to, “Fair Oaks”, “Fair Oaks Capital” and the Fair Oaks Capital logo.

Jurisdiction

Use of this website shall be governed by and construed in accordance with the laws of England and Wales and any dispute arising in relation to this website is subject to the jurisdiction of the English courts.

Variation of Terms of Use

We reserve the right to vary these terms of use at any time and will post any variations here. You are advised to review these terms of use on a regular basis as you will be deemed to have accepted variations if you continue to use the website after they have been posted.

✕

HOW TO INVEST IN FAIR OAKS AAA CLO ETF

Via primary market

through authorised participants

Via OTC

through bank or authorised participant

Via exchange

through broker

CONTACT FAIR OAKS
✕

Welcome

Please confirm your country of residence and investor type:

Investor type

By selecting Professional Client, you affirm either that you are a Per Se Professional Client, or that you wish to be treated as an Elective Professional Client, both as defined under the markets in Financial Instruments Directive (in the case of persons access this website from the UK, as transposed into UK law), or an equivalent in a jurisdiction outside the European Economic Area.

Terms and Conditions

Important notice

This website is operated by Fair Oaks Capital Limited, a limited company registered in England and Wales, with registered number 08260598, having its registered office at 1 Old Queen Street, London, SW1H 9JA. By using this website, you agree to these Terms and Conditions of Use, as well as to Fair Oaks Capital Limited’s Privacy Notice and Cookies Policy (together the “Terms”), which constitute a legal agreement between you and Fair Oaks Capital Limited governing your access to and use of this website. It is your responsibility to review the Terms and to make sure you understand and comply with them. Your compliance with the Terms is an ongoing condition to your use of this website, and you may not use it if you are not prepared to comply with all of the Terms.

Fair Oaks Capital Limited is authorised and regulated by the UK Financial Conduct Authority (“FCA”). References to “we” or “us” shall mean Fair Oaks Capital Limited and, where relevant, its affiliates, including Fair Oaks Capital US LP. Fair Oaks Capital US LP is a Delaware limited partnership with its place of business at 152 West 57 Street, New York, NY 10019.

Content of this website

This website is provided for your general information only and does not constitute investment advice or an offer to sell or the solicitation of an offer to buy any investment.

Nothing on this website is advice on the merits of any product or investment, nothing constitutes investment, legal, tax or any other advice nor is it to be relied on in making an investment decision. Prospective investors should obtain independent investment advice and inform themselves as to applicable legal requirements, exchange control regulations and taxes in their jurisdiction.

This website complies with the regulatory requirements of the United Kingdom. There may be laws in your country of nationality or residence or in the country from which you access this website which restrict the extent to which the website may be made available to you. If you are not permitted to access this website in accordance with the laws of your country or nationality of residence then please leave this website now.

Certain information contained on this website may be of a historical nature and may now be out of date. All historical information should be understood as speaking from the date of its first publication.

Likewise, this website may contain forward-looking statements. These forward-looking statements are subject to uncertainties and inherent risks that could cause actual results to differ materially from those contained in any forward-looking statement. We undertake no duty to update publicly any forward-looking statements contained herein, in light of new information or future developments.

Although the information provided to you on this website is obtained or compiled from sources we believe to be reliable, we cannot and do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available to you for any particular purpose. All information published is in good faith but no representation or warranty, express or implied, is made by us or any person as to its accuracy or completeness and it should not be relied on as such. We shall have no liability for any loss or damage arising out of the use of or reliance on the information provided including, without limitation, any loss or other damage, direct or consequential.

We have published a number of articles in the Insights section of this website. Opinions in such articles are our current opinions, and are subject to change without notice. We assume no responsibility to update information contained in such articles or to notify you of any changes. Any outlooks, forecasts or portfolio weightings presented in such articles are as of the date appearing therein and are also subject to change without notice. We disclaim any responsibility to update such views. Such commentary is intended for ‘institutional investors’ only (as such term is defined in various jurisdictions). Such commentary does not constitute an offer to sell any securities or the solicitation of an offer to purchase any securities. Such commentary discusses topical aspects of credit markets and should not be construed as research, investment advice, or any investment recommendation. Investment concepts mentioned in such commentary may be unsuitable for investors depending on their specific investment objectives and financial position. Fees, commissions, tax considerations and other transaction costs may significantly affect the economic consequences of any investment concepts referenced in such commentary and should be reviewed carefully with one’s investment and tax advisers. All information in such commentary is believed to be reliable as of the date on which this commentary was issued, and has been obtained from sources believed to be reliable. No representation or warranty, either express or implied, is provided in relation to the accuracy or completeness of fairness of the information or opinions contained therein.

Distribution of information

The distribution of the information and material on this website may be restricted by law in certain countries. None of the information is directed at, or is intended for distribution to, or use by, any person or entity in any jurisdiction (by virtue of nationality, place of residence, domicile or registered office) where publication, distribution or use of such information would be contrary to local law or regulation, or would subject us to any registration or licensing requirements in such jurisdiction. You must inform yourself about, and observe any such restrictions in your jurisdiction and by accessing this website you represent that you have done so. The information on this website is not for distribution and does not constitute an offer to sell or the solicitation of any offer to buy any securities in the United States to or for the benefit of any United States person (being residents of the United States or partnerships or corporations organised under the laws thereof). None of the funds or other investment products contained on this website have been registered in the United States under the Investment Company Act of 1940 and interests therein are not registered in the United States under the Securities Act of 1933.

We may monitor and/or record any telephone communications and electronic communications with you.

Risk Warnings

Investments can involve significant risk. Past performance is not a guarantee of future performance. The price of investments can go down as well as up and may be affected by changes in rates of exchange. An investor may not get back the amount invested. Target returns and distributions are hypothetical targets only and are neither guarantees nor predictions or projections of future performance. There can be no assurance that such targeted returns will be achieved. The price of investments listed on an exchange is determined by supply and demand, and may not equate to the value of the investment’s underlying assets. Any decision to investment should be based on the information contained in the appropriate prospectus, offering memorandum or equivalent contractual document and after seeking independent investment, tax and legal advice.

Linked Websites

This website may provide addresses or hyperlinks which lead you to other websites (“Linked Sites”). We have not reviewed nor do we endorse or recommend any products or services offered or information contained on Linked Sites, and disclaim any liability for their content or any consequences of their use. Any web addresses and hyperlinks in this website are provided solely for convenience and information. Accessing any Linked Sites shall be at your own risk.

IP rights

This website and its content are owned by Fair Oaks Capital Limited, and may contain information, text, graphics, video, software, logos, and other materials (“Content”) that are protected by copyright, trademarks, or other proprietary rights. No permission is granted to upload, copy, modify, post, frame, amend or distribute any of the Content of this website in any way without obtaining the prior written permission of Fair Oaks Capital Limited. All intellectual property rights in any part of the world which subsist in the Contents of this website and which belong to Fair Oaks Capital Limited, save as expressly granted, are hereby reserved. This website contains various registered and unregistered trade marks belonging to Fair Oaks Capital Limited. The registered trademarks include, but are not limited to, “Fair Oaks”, “Fair Oaks Capital” and the Fair Oaks Capital logo.

Jurisdiction

Use of this website shall be governed by and construed in accordance with the laws of England and Wales and any dispute arising in relation to this website is subject to the jurisdiction of the English courts.

Variation of Terms of Use

We reserve the right to vary these terms of use at any time and will post any variations here. You are advised to review these terms of use on a regular basis as you will be deemed to have accepted variations if you continue to use the website after they have been posted.

The contents of this website are only accessible by Professional Clients and Eligible Counterparties. Retail Investors should not view or seek to rely on any information contained in this website and should in all instances consult their financial adviser. The Prospectus, Financial Reports and Key Investor Information Documents relating to the ETF Class(es) of the Fund referenced on this website can be found at www.waystone.com/our-funds/waystone-managed-funds/

Notice to Swiss Investors: By selecting “Professional Client”, you are confirming that you are a Qualified Investor in Switzerland as defined in the Swiss Collective Investment Schemes Act of 23 June 2006, as amended and its implementing ordinance. This website can only be accessed in Switzerland by Qualified Investors.

If you are not a Qualified Investor in Switzerland (as defined in the Swiss Collective Investment Schemes Act of 23 June 2006, as amended and its implementing ordinance) then please leave this website now. Certain of the products on this website may not be distributed other than to Qualified Investors.

The Swiss representative and paying agent of the Fair Oaks AAA CLO Fund, a Luxembourg domiciled UCITS sub-fund, is RBC Investor Services Bank S.A., Esch-sur- Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The latest Prospectus, Key Investor Information Document (KIID), Articles of Association and annual and semi-annual reports relating to the Fair Oaks AAA CLO Fund can each be obtained free of charge from the Swiss representative and paying agent. The place of performance and jurisdiction is the registered office of the Swiss representative with regards to shares of the Fair Oaks AAA CLO Fund distributed in and from Switzerland.

Terms and Conditions

Important notice

This website is operated by Fair Oaks Capital Limited, a limited company registered in England and Wales, with registered number 08260598, having its registered office at 1 Old Queen Street, London, SW1H 9JA. By using this website, you agree to these Terms and Conditions of Use, as well as to Fair Oaks Capital Limited’s Privacy Notice and Cookies Policy (together the “Terms”), which constitute a legal agreement between you and Fair Oaks Capital Limited governing your access to and use of this website. It is your responsibility to review the Terms and to make sure you understand and comply with them. Your compliance with the Terms is an ongoing condition to your use of this website, and you may not use it if you are not prepared to comply with all of the Terms.

Fair Oaks Capital Limited is authorised and regulated by the UK Financial Conduct Authority (“FCA”). References to “we” or “us” shall mean Fair Oaks Capital Limited and, where relevant, its affiliates, including Fair Oaks Capital US LP. Fair Oaks Capital US LP is a Delaware limited partnership with its place of business at 152 West 57 Street, New York, NY 10019.

Content of this website

This website is provided for your general information only and does not constitute investment advice or an offer to sell or the solicitation of an offer to buy any investment.

Nothing on this website is advice on the merits of any product or investment, nothing constitutes investment, legal, tax or any other advice nor is it to be relied on in making an investment decision. Prospective investors should obtain independent investment advice and inform themselves as to applicable legal requirements, exchange control regulations and taxes in their jurisdiction.

This website complies with the regulatory requirements of the United Kingdom. There may be laws in your country of nationality or residence or in the country from which you access this website which restrict the extent to which the website may be made available to you. If you are not permitted to access this website in accordance with the laws of your country or nationality of residence then please leave this website now.

Certain information contained on this website may be of a historical nature and may now be out of date. All historical information should be understood as speaking from the date of its first publication.

Likewise, this website may contain forward-looking statements. These forward-looking statements are subject to uncertainties and inherent risks that could cause actual results to differ materially from those contained in any forward-looking statement. We undertake no duty to update publicly any forward-looking statements contained herein, in light of new information or future developments.

Although the information provided to you on this website is obtained or compiled from sources we believe to be reliable, we cannot and do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available to you for any particular purpose. All information published is in good faith but no representation or warranty, express or implied, is made by us or any person as to its accuracy or completeness and it should not be relied on as such. We shall have no liability for any loss or damage arising out of the use of or reliance on the information provided including, without limitation, any loss or other damage, direct or consequential.

We have published a number of articles in the Insights section of this website. Opinions in such articles are our current opinions, and are subject to change without notice. We assume no responsibility to update information contained in such articles or to notify you of any changes. Any outlooks, forecasts or portfolio weightings presented in such articles are as of the date appearing therein and are also subject to change without notice. We disclaim any responsibility to update such views. Such commentary is intended for ‘institutional investors’ only (as such term is defined in various jurisdictions). Such commentary does not constitute an offer to sell any securities or the solicitation of an offer to purchase any securities. Such commentary discusses topical aspects of credit markets and should not be construed as research, investment advice, or any investment recommendation. Investment concepts mentioned in such commentary may be unsuitable for investors depending on their specific investment objectives and financial position. Fees, commissions, tax considerations and other transaction costs may significantly affect the economic consequences of any investment concepts referenced in such commentary and should be reviewed carefully with one’s investment and tax advisers. All information in such commentary is believed to be reliable as of the date on which this commentary was issued, and has been obtained from sources believed to be reliable. No representation or warranty, either express or implied, is provided in relation to the accuracy or completeness of fairness of the information or opinions contained therein.

Distribution of information

The distribution of the information and material on this website may be restricted by law in certain countries. None of the information is directed at, or is intended for distribution to, or use by, any person or entity in any jurisdiction (by virtue of nationality, place of residence, domicile or registered office) where publication, distribution or use of such information would be contrary to local law or regulation, or would subject us to any registration or licensing requirements in such jurisdiction. You must inform yourself about, and observe any such restrictions in your jurisdiction and by accessing this website you represent that you have done so. The information on this website is not for distribution and does not constitute an offer to sell or the solicitation of any offer to buy any securities in the United States to or for the benefit of any United States person (being residents of the United States or partnerships or corporations organised under the laws thereof). None of the funds or other investment products contained on this website have been registered in the United States under the Investment Company Act of 1940 and interests therein are not registered in the United States under the Securities Act of 1933.

We may monitor and/or record any telephone communications and electronic communications with you.

Risk Warnings

Investments can involve significant risk. Past performance is not a guarantee of future performance. The price of investments can go down as well as up and may be affected by changes in rates of exchange. An investor may not get back the amount invested. Target returns and distributions are hypothetical targets only and are neither guarantees nor predictions or projections of future performance. There can be no assurance that such targeted returns will be achieved. The price of investments listed on an exchange is determined by supply and demand, and may not equate to the value of the investment’s underlying assets. Any decision to investment should be based on the information contained in the appropriate prospectus, offering memorandum or equivalent contractual document and after seeking independent investment, tax and legal advice.

Linked Websites

This website may provide addresses or hyperlinks which lead you to other websites (“Linked Sites”). We have not reviewed nor do we endorse or recommend any products or services offered or information contained on Linked Sites, and disclaim any liability for their content or any consequences of their use. Any web addresses and hyperlinks in this website are provided solely for convenience and information. Accessing any Linked Sites shall be at your own risk.

IP rights

This website and its content are owned by Fair Oaks Capital Limited, and may contain information, text, graphics, video, software, logos, and other materials (“Content”) that are protected by copyright, trademarks, or other proprietary rights. No permission is granted to upload, copy, modify, post, frame, amend or distribute any of the Content of this website in any way without obtaining the prior written permission of Fair Oaks Capital Limited. All intellectual property rights in any part of the world which subsist in the Contents of this website and which belong to Fair Oaks Capital Limited, save as expressly granted, are hereby reserved. This website contains various registered and unregistered trade marks belonging to Fair Oaks Capital Limited. The registered trademarks include, but are not limited to, “Fair Oaks”, “Fair Oaks Capital” and the Fair Oaks Capital logo.

Jurisdiction

Use of this website shall be governed by and construed in accordance with the laws of England and Wales and any dispute arising in relation to this website is subject to the jurisdiction of the English courts.

Variation of Terms of Use

We reserve the right to vary these terms of use at any time and will post any variations here. You are advised to review these terms of use on a regular basis as you will be deemed to have accepted variations if you continue to use the website after they have been posted.

✕

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✕
 

Uncovering CLOs

Introduction and Opportunities

20th March 2025

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