Sam Garza on CLOs: Software Risk, Private Credit and Rating Agency Competition | 25 Aug 2026 | DoubleLine Capital
1. Executive Briefing (TL;DR)
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Top Key Takeaways:
- AAA CLO Spread Relative Value: AAA-rated CLO tranches offer an attractive ~40 bps spread pickup over investment-grade corporates [00:06:55], providing liquid credit exposure without duration risk.
- Captive Equity Fund Dynamics: Proliferation of captive CLO equity funds has distorted market arbitrage [00:12:00], maintaining high loan demand and keeping primary equity returns structurally compressed [].
References
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