DoubleLine Podcasts

S6 E7 Joe Mezyk, CLO Analyst – DoubleLine, The Sherman Show

CLO analyst Joe Mezyk joins The Sherman Show to explain the $750 billion collateralized loan obligation market with DoubleLine’s Jeffrey Sherman and Samuel Lau. Their discussion starts by explaining floating-rate bank loans which form the collateral of CLOs and how the securitization process of a CLO allows the creation of equity and below investment grade obligations as well senior, AAA-rated securities. Mr. Mezyk then describes the risks and advantages of CLOs, the reasons for the growth in the sector’s popularity with investors, the historical default and recovery rates of CLOs (including in the credit crisis of 2008-2009 and the energy-sector downturn in 2015) and how he analyzes CLOs and CLO collateral managers in order to invest in these securities. Among further topics, Mr. Mezyk describes how the CLO market has evolved, more than doubling in size since the credit crisis and the growth of “covenant-lite” loans with their lessened protections for investors to make up 80% of the sector. He also delves into the evolution of the underlying bank loan sector. This episode of The Sherman Show was recorded on September 9, 2019.

Guest Speaker Bio

The views and opinions expressed herein are as of the date recorded and should not be construed as an offer to buy or sell any securities. Such views/opinions may differ from those of DoubleLine Capital or other of its affiliates and are subject to change without notice. DoubleLine has no obligation to provide any updates or changes. The following audio presentations represent DoubleLine’s intellectual property. No portion of these presentations may be published, reproduced, transmitted or rebroadcast in any media in any form without the express written permission of DoubleLine. DoubleLine has no obligation to provide any updates or changes. To receive permission from DoubleLine please contact [email protected].

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