JAAA Janus Henderson AAA CLO ETF Loading...

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17:26
Mar 08
Alexander Campbell Founder & CEO, Rose AI; ex-macro investor, Bridgewater Campbell Ramble
Author notes JAAA (CLO AAA tranche ETF) is near its all-time high, indicating no stress in the safest CLO tranches; but the article warns that illiquid credit reprices last, and if credit stress broad
Author notes JAAA (CLO AAA tranche ETF) is near its all-time high, indicating no stress in the safest CLO tranches; but the article warns that illiquid credit reprices last, and if credit stress broadens, even AAA tranches could see widening. Risk: Liquidity mismatches in CLO ETFs could exacerbate selling.
JAAA
18:27
Feb 19
John Kerschner Global Head of Products/PM, Janus Henderson Investors Bloomberg Markets
Software stocks are crashing (IGV down 22%), but actual corporate defaults have not risen yet. The volatility in software equity hurts the "Equity" and "BB" tranches of CLOs (which hold ~14-19% software debt). However, Investment Grade tranches (AAA, A, BBB) are insulated from price volatility as long as defaults remain low. Floating rate structures protect against rate volatility. LONG. Investors should move down the stack from AAA to A/BBB (JBBB) to capture 50-100bps extra yield with minimal added default risk. A spike in actual corporate defaults (not just stock price drops) in the software sector.
JAAA 1ST

About JAAA Analyst Coverage

Buzzberg tracks JAAA (Janus Henderson AAA CLO ETF) across 2 sources. 1 bullish vs 0 bearish calls from 2 analysts. Sentiment: predominantly bullish (50%). 2 total trade ideas tracked.