Skip to Content (press ENTER)
My Account
North America
Investor Type
United States
Latin America
Asia Pacific
Investor Type
China (中国大陆)
Investor Type
Hong Kong (香港 – 中文)
Investor Type
Hong Kong - English
Investor Type
Japan (日本)
Investor Type
Investor Type
Investor Type
Taiwan (台灣)
Investor Type
Investor Type
Public Fixed Income

Barings: Lively August May Indicate CLO Second-Half Rally

September 2023 – 3 min read

Adrienne Butler recently spoke with Asset Securitization Report in this Q&A about developments in the U.S. CLO market and her outlook for the remainder of 2023.

Barings issued its 100th managed collateralized loan obligation (CLO) in July, bringing its CLO-asset total to more than $44 billion, a quarter century after its first CLO was completed in 1998 by predecessor First Union Institutional Debt Management (IDM).

The $403 million transaction, led by BNP Paribas, is a middle-market deal securitizing private credits, a rapidly growing segment in 2023's otherwise sluggish CLO market. Later in August, the asset manager, with total assets-under-management of $351 billion, priced a $509 million CLO securitizing broadly syndicated loans (BSLs) from large corporate borrowers that was led by Morgan Stanley, which also arranged a $362 million BSL CLO for Barings in February.

Barings completed a $453 million BSL CLO in May led by Bank of America. It now manages $12.5 billion of BSL CLOs in the U.S. and $5 billion in Europe. It also manages $2 billion middle-market CLOs and $25 billion of investments in third-party CLOs.

In mid-July, Barings announced entering a strategic partnership with Lakemore Partners, a private credit investment firm that invests mostly in super-majority control CLO equity. The partnership aims to promote continued growth of Barings' managed CLOs while deepening Lakemore's institutional client base.

Adrienne Butler, co-head of Barings' U.S. high-yield investment group and head of U.S. CLO funds, responsible for new CLO marketing and formation as well as existing CLO portfolio management. She recently spoke to Asset Securitization Report about developments in the U.S. CLO market and where it may be headed. Prior to joining Barings in 2002, she was a senior analyst at IDM's loan research group.

Want to read the full article?

View PDF

Adrienne Butler

Head of Global CLOs

The document is for informational purposes only and is not an offer or solicitation for the purchase or sale of any financial instrument or service. The material herein was prepared without any consideration of the investment objectives, financial situation or particular needs of anyone who may receive it. This document is not, and must not be treated as, investment advice, investment recommendations, or investment research.

In making an investment decision, prospective investors must rely on their own examination of the merits and risks involved and before making any investment decision, it is recommended that prospective investors seek independent investment, legal, tax, accounting or other professional advice as appropriate.

Unless otherwise mentioned, the views contained in this document are those of Barings. These views are made in good faith in relation to the facts known at the time of preparation and are subject to change without notice. Parts of this document may be based on information received from sources we believe to be reliable. Although every effort is taken to ensure that the information contained in this document is accurate, Barings makes no representation or warranty, express or implied, regarding the accuracy, completeness or adequacy of the information.

Any forecasts in this document are based upon Barings opinion of the market at the date of preparation and are subject to change without notice, dependent upon many factors. Any prediction, projection or forecast is not necessarily indicative of the future or likely performance. Any investment results, portfolio compositions and/or examples set forth in this document are provided for illustrative purposes only and are not indicative of any future investment results, future portfolio composition or investments. The composition, size of, and risks associated with an investment may differ substantially from any examples set forth in this document. No representation is made that an investment will be profitable or will not incur losses. Where appropriate, changes in the currency exchange rates may affect the value of investments.

Investment involves risks. Past performance is not a guide to future performance. Investors should not only base on this document alone to make investment decision.

This document is issued by Baring Asset Management (Asia) Limited. It has not been reviewed by the Securities and Futures Commission of Hong Kong.

Contact Us to Learn More.


The form was successfully submitted.

There was a problem submitting the form.


Any data collected will be processed according to Barings’ Privacy Notice. You can unsubscribe at any time by clicking the link at the bottom of any promotional message we send, or by contacting us using the contact details set out in the Privacy Notice.


Related Viewpoints