By blocking the Suez Canal last month, the Ever Given made headlines, creating a massive shipping traffic jam.

Three football fields long and weighing 250 thousand tons (by comparison, the Statue of Liberty is only 125 tons), the monster container vessel is the new global transportation reality: 90% of the world’s goods travel by water.

This marine mishap reminded us of CLOs​. Here are vehicles that transport 70% of all leveraged loans, each CLO containing hundreds of assets. They also risk getting beached when market winds blow sideways. …

▶︎ Read Apr 5 2021 newsletter: here

▶︎ Chart of the Week: here (by LCD, an offering of S&P Global Market Intelligence)