Competition in leveraged loans, keen as it is, pales in comparison to the 2021 Mrs. Sri Lanka pageant. Reigning Mrs. World champion, Caroline Jurie yanked the tiara off newly-crowned winner Pushpika DeSilva, charging Mrs. DeSilva was not married. Mrs. DeSilva fled the stage in tears.

Order was eventually restored. Mrs. DeSilva reclaimed her crown, and Mrs. Jurie resigned hers. We look forward to the 2021 Mrs. World pageant to be held later this year…in Sri Lanka.

Meanwhile in the less dramatic world of middle market CLOs, managers made it successfully through the pandemic, and are positioned for the rebound.

For some perspective, MM CLOs represent about 14% of the total CLO market, both in terms of issuance and outstandings. According to S&P/LCD the number of new vehicles launched over the past six years has increased annually. At the moment there are about 111 rated by S&P.