#21, Brian Nolan, Head of European CLO Structuring, PGIM
Brian Nolan, Head of European CLO Structuring at PGIM, joins The CLO Investor podcast to discuss European CLOs and how they differ from US CLOs.
Jun 30, 2025•45 min•Season 1Ep. 21
The CLO Investor Podcast
The CLO Investor Podcast with Shiloh Bates features an in-depth look at the Collateralized Loan Obligation market. Shiloh Bates is the Chief Investment Officer at Flat Rock Global, and author of CLO Investing with an Emphasis on CLO Equity and BB Notes, discusses CLO basics, from "what is a CLO?" to "how do CLOs work?", reviews relevant topics in the CLO industry, and interviews key market players. Learn more about Flat Rock Global at FlatRockGlobal.com and follow us on LinkedIn at https://www.linkedin.com/company/flat-rock-global-llc/.
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Episodes
#20, Himani Trivedi, Head of Structured Credit, Nuveen
Shiloh Bates and Himani Trivedi discuss the effects of tariffs on the loan market, CLO equity projected returns, and new funds being launched on the Nuveen platform.
May 19, 2025•45 min•Season 1Ep. 20
#19, Stephanie Setyadi, Partner, Ivy Hill Asset Management
In this episode of The CLO Investor Podcast, Stephanie Setyadi, a Partner at Ivy Hill Asset Management, provides two case studies for the types of businesses that can be found in CLOs.
Apr 16, 2025•33 min•Season 1Ep. 19
#18, Pratik Gupta, Head of CLO Research, Bank of America Securities
Shiloh Bates talks to Pratik Gupta, CLO Head of Research for Bank of America Securities, about CLO securities' performance versus that of corporate debt, CLOs backed by syndicated loans and private credit CLOs, and more in this episode of The CLO Investor podcast.
Mar 28, 2025•50 min•Season 1Ep. 18
#17, Mike Comparato, Head of Real Estate, Benefit Street Partners
Host Shiloh Bates discusses commercial real estate (CRE) CLOs with Mike Comparato, Head of Real Estate at Benefit Street Partners. CRE CLOs are contrasted with the more common CLOs backed by corporate loans that are Flat Rock’s specialty.
Feb 21, 2025•28 min•Season 1Ep. 17
#16, Chris Gilbert, Head CLO Banker, Natixis
Shiloh Bates talks to Chris Gilbert, the Head CLO Banker at Natixis. Natixis a leading underwriter of broadly syndicated and middle market CLOs. It was also the first bank to issue a reinvesting CLO after the financial crisis. Chris helped Shiloh with the book he published on CLO investing in 2023, CLO Investing with an Emphasis on CLO Equity and BB Notes .
Jan 10, 2025•47 min•Season 1Ep. 16
#15 Bilal Nasir, Head of CLO Trading, Bank of Montreal
Shiloh Bates talks to the Bank of Montreal's Head of CLO Trading, Bilal Nasir. In this episode, Bilal uses the term "risk profiles" to describe the different characteristics of various CLO investment opportunities. If you've ever wondered about the ins and outs of CLO trading, this is the episode for you.
Dec 06, 2024•38 min•Season 1Ep. 15
#14 Lauren Basmadjian, Global Head of Liquid Credit, Carlyle
Lauren Basmadjian, Carlyle's Global Head of Liquid Credit, joins The CLO Investor podcast to discuss rate cuts, her outlook for CLO spreads, loan default and recoveries, and how she thinks about investing in CLOs managed by other managers.
Nov 14, 2024•33 min•Season 1Ep. 14
#13 Stephen Anderberg, U.S. CLOs Sector Lead, Standard & Poor's Global Ratings
Shiloh Bates talks to Stephen Anderberg, the sector lead for U.S. CLOs at Standard and Poor's Global Ratings, about how CLOs are rated, trends in upgrades and downgrades and defaults. They also discuss how the September 18, 2024, interest rate cut may move the market. And they talk about how CLO ratings have performed relative to the more well-known corporate rating system. For a full transcript, or to learn more about Flat Rock Global, please visit flatrockglobal.com.
Oct 17, 2024•35 min•Season 1Ep. 13
#12 Ted Goldthorpe, Head of Credit, BC Partners
Shiloh Bates talks to Ted Goldthorpe, Head of Credit at BC Partners, about the lessons learned in his very impressive financial career. While most asset managers grow their business by launching new funds, Ted is also active in acquiring other asset managers. In this episode, Shiloh and Ted discuss the evolving landscape of private credit and business development companies.
Sep 30, 2024•40 min•Season 1Ep. 12
#11 John Timperio, Global Financial Practice Co-Head, Dechert
Shiloh Bates speaks with John Timperio, the Co-Head of Dechert’s Global Finance practice, about CLO regulation in this episode of The CLO Investor podcast.
Sep 01, 2024•36 min•Season 1Ep. 11
#10 Allan Schmitt, Head CLO Banker, Wells Fargo
Shiloh Bates talks to Allan Schmitt, Head CLO banker at Wells Fargo, about rated feeders, a new flavor of CLO (collateralized loan obligation) that is growing in popularity.
Aug 21, 2024•37 min•Season 1Ep. 10
#9 Drew Sweeney, Senior Portfolio Manager, TCW
In this episode of The CLO Investor Podcast, Shiloh Bates talks to Drew Sweeney, Broadly Syndicated CLO Portfolio Manager at TCW. The episode reviews complexities of loan documentation, the role of private equity firms, and the importance of thorough analysis and strategic management in the loan market.
Aug 05, 2024•47 min•Season 1Ep. 9
#8 John Kerschner, Head of U.S. Securitized Products, Janus Henderson
Shiloh Bates welcomes John Kerschner, Head of U.S. Securitized Products and a Portfolio Manager for JAAA at Janus Henderson, to the podcast. John explains the relative attractiveness of CLO AAAs versus other asset classes; how his team chooses CLO AAAs; and if he thinks the market should expect continued CLO tightening.
Jul 18, 2024•45 min•Season 1Ep. 8
#7 Patrick Wolfe, Head of U.S. Middle Market CLOs, BlackRock
In this episode of the CLO Investor podcast, host Shiloh Bates interviews Patrick Wolfe , Senior Portfolio Manager in the Global Credit Platform and Head of U.S. Middle Market CLOs at BlackRock. They discuss the current state of the middle market loans and the risks for CLO investors in today's economy. Patrick explains the differences between middle market loans and broadly syndicated loans , highlighting the need for origination and underwriting in the middle market. He also describes the comp...
Jun 25, 2024•36 min•Season 1Ep. 7
#6 Paul Nikodem, CLO Researcher, Nomura Securities
Shiloh Bates talks to Nomura Securities CLO Researcher Paul Nikodem in the sixth episode of The CLO Investor podcast. They discuss the process of evaluating CLO managers and also tackle the topic of declining CLO financing costs.
Jun 19, 2024•39 min•Season 1Ep. 6
#5 Tom Davidson, Managing Editor, Creditflux
Shiloh Bates shares his conversation with Tom Davidson, Managing Editor of Creditflux , in the fifth episode of The CLO Investor. Among other topics, Shiloh talks to Tom about CLO education, current opportunities in the CLO market, and CLO equity risk adjusted returns.
May 28, 2024•22 min
#4 Ivo Turkedjiev, Broadly Syndicated CLO Manager, New Mountain Capital
In the fourth episode of The CLO Investor , Flat Rock Global CIO Shiloh Bates discusses credit investing, loan recoveries, and the path to building a successful management platform with Ivo Turkedjiev, a broadly syndicated CLO manager at New Mountain Capital.
May 15, 2024•36 min•Season 1Ep. 4
#3 David Williams, CLO Banker, Scotia Bank
In the third episode of The CLO Investor , Flat Rock Global CIO Shiloh Bates talks to Scotia Bank's David Williams, a prominent CLO (collateralized loan obligation) banker. Shiloh and David discuss CLO issuance, refis and resets, profitability, and opportunities and challenges in today's CLO Market.
May 15, 2024•37 min•Season 1Ep. 3
#2 Derek Russo, CLO Investor, Flat Rock Global
In the second episode of The CLO Investor , Flat Rock Global CIO Shiloh Bates discusses the CLO (collateralized loan obligation) market, CLO issuance, refis/resets, and more with colleague Derek Russo.
Apr 17, 2024•31 min•Season 1Ep. 2
Collateralized Loan Obligations (CLOs) 101
What is a CLO (Collateralized Loan Obligation)? What are the different types of CLOs? Why is the CLO market important today? Shiloh Bates is author of CLO Investing with an Emphasis on CLO Equity and BB Notes, and Chief Investment Officer of Flat Rock Global. In this first episode of The CLO Investor, Shiloh provides a primer on CLOs and CLO investing.
Apr 16, 2024•22 min•Season 1Ep. 1
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