03.12.2025 16:52:01

State Street Global Advisors: Fixed income’s pre-Christmas de-risk supports CLO allocation

Collateralised Loan Obligations can support defensive risk-off while preserving yield

Year-end is a time when professional investors tend to lock in gains and reduce portfolio risk. In fixed income this can come at the expense of yield.

In our latest Weekly ETF Brief we outline the pros and cons of shifting to the front end of the bond curve and set out an alternative. Collateralised Loan Obligations (CLOs) can offer an opportunity to reduce risk but boost yield, despite their short duration.

Read the Weekly ETF Brief

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CLO Debt Securities carry certain structural risks including potential subordination to the other tranches of debt in the same capital structure, volatility of underlying collateral values, and potential for principal loss of the underlying assets in excess of the equity valuation. CLOs issue classes or "tranches" of securities that vary in risk and yield. Losses caused by defaults on underlying assets are borne first by the holders of subordinate tranches.

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