The CLO Investor Podcast

Follow The CLO Investor Podcast
Share on
Copy link to clipboard

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.

Shiloh Bates


    • May 19, 2025 LATEST EPISODE
    • monthly NEW EPISODES
    • 36m AVG DURATION
    • 20 EPISODES


    Search for episodes from The CLO Investor Podcast with a specific topic:

    Latest episodes from The CLO Investor Podcast

    #20, Himani Trivedi, Head of Structured Credit, Nuveen

    Play Episode Listen Later May 19, 2025 45:18


    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. 

    #19, Stephanie Setyadi, Partner, Ivy Hill Asset Management

    Play Episode Listen Later Apr 16, 2025 32:39 Transcription Available


    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. 

    #18, Pratik Gupta, Head of CLO Research, Bank of America Securities

    Play Episode Listen Later Mar 28, 2025 50:19 Transcription Available


    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.

    #17, Mike Comparato, Head of Real Estate, Benefit Street Partners

    Play Episode Listen Later Feb 21, 2025 27:47 Transcription Available


    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.

    #16, Chris Gilbert, Head CLO Banker, Natixis

    Play Episode Listen Later Jan 10, 2025 47:02 Transcription Available


    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. 

    #15 Bilal Nasir, Head of CLO Trading, Bank of Montreal

    Play Episode Listen Later Dec 6, 2024 37:52 Transcription Available


    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.

    #14 Lauren Basmadjian, Global Head of Liquid Credit, Carlyle

    Play Episode Listen Later Nov 14, 2024 33:10 Transcription Available


    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. 

    #13 Stephen Anderberg, U.S. CLOs Sector Lead, Standard & Poor's Global Ratings

    Play Episode Listen Later Oct 17, 2024 34:42 Transcription Available


    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.

    #12 Ted Goldthorpe, Head of Credit, BC Partners

    Play Episode Listen Later Sep 30, 2024 40:27 Transcription Available


    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. 

    #11 John Timperio, Global Financial Practice Co-Head, Dechert

    Play Episode Listen Later Sep 1, 2024 36:14 Transcription Available


    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.

    #10 Allan Schmitt, Head CLO Banker, Wells Fargo

    Play Episode Listen Later Aug 21, 2024 37:03 Transcription Available


    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.

    #9 Drew Sweeney, Senior Portfolio Manager, TCW

    Play Episode Listen Later Aug 5, 2024 46:33 Transcription Available


    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.

    John Kerschner, Head of U.S. Securitized Products, Janus Henderson

    Play Episode Listen Later Jul 18, 2024 44:54 Transcription Available


    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. 

    #7 Patrick Wolfe, Sr. Portfolio Manager, Global Credit, & Head of U.S. Middle Market CLOs, BlackRock

    Play Episode Listen Later Jun 25, 2024 35:35 Transcription Available


    In this episode of the CLO Investor podcast, host Shiloh Bates interviews Patrick Wolfe, the middle market CLO manager 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 competition for middle market loans and the importance of reputation and industry specialization in transactions. Other topics include the impact of higher interest rates on borrowers; the potential for increased M&A activity in the middle market; and the importance of valuations and need for standardization in the industry.

    #6 Paul Nikodem, CLO Researcher, Nomura Securities

    Play Episode Listen Later Jun 19, 2024 39:13 Transcription Available


    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. 

    #5 Tom Davidson, Managing Editor, Creditflux

    Play Episode Listen Later May 28, 2024 22:05 Transcription Available


    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.

    #4 Ivo Turkedjiev, Broadly Syndicated CLO Manager, New Mountain Capital

    Play Episode Listen Later May 15, 2024 35:33 Transcription Available


    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.

    #3 David Williams, CLO Banker, Scotia Bank

    Play Episode Listen Later May 15, 2024 37:03 Transcription Available


    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.  

    #2 Derek Russo, CLO Investor, Flat Rock Global

    Play Episode Listen Later Apr 17, 2024 31:10 Transcription Available


    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.

    Collateralized Loan Obligations (CLOs) 101

    Play Episode Listen Later Apr 16, 2024 22:25 Transcription Available


    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.

    Claim The CLO Investor Podcast

    In order to claim this podcast we'll send an email to with a verification link. Simply click the link and you will be able to edit tags, request a refresh, and other features to take control of your podcast page!

    Claim Cancel