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Mark Okada (Highland Capital Management, LP): The future of the CLO space (Part 2)
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Chapters:
00:00 - Intro
00:10 - Why most AAA asset spreads have compressed, but CLO arbitrage strategies provide opportunity. CLO AAA still have huge spreads compared to the first CLO’s.
03:14 - Investor want bonds that look like stocks and stocks that look like bond - Bank debt as a good source of yield. Securitization market may provide structural yield for one investor, equity return for another.
07:47 - Returns based on skill-based platforms, not just access-based.
In part 2 of this interview, Highland Capital Management's co-founder and Chief Investment Officer Mark Okada discusses the future of the CLO space. According to Mark, unlike most AAA asset spreads which have compressed, CLO spreads and arbitrage opportunities remain attractive for banks, insurance companies, and pension funds who are looking for AAA spreads. Mark describes why bank debt is good source of yield, and how he foresees a return to the securitization of bank debt in the coming years.
He also talks about the future of Highland Capital, and what sets the firm apart from other large credit investment managers.
Mark Okada, CFA
Co-Founder, Chief Investment Officer
Mr. Okada is Co-Founder and Chief Investment Officer of Highland Capital Management, L.P. and is responsible for overseeing Highland's investment activities for its various strategies. Mr. Okada is a pioneer in the development of the bank loan market and has over 25 years of credit experience. He is responsible for structuring one of the industry's first arbitrage CLOs and was actively involved in the development of Highland's bank loan separate account and mutual fund platforms. Mr. Okada received a BA in Economics and a BA in Psychology, cum laude, from the University of California, Los Angeles. He has earned the right to use the Chartered Financial Analyst designation. Mr. Okada is a Director of NexBank, Chairman of the Board of Directors of Common Grace Ministries, Inc. and is on the Board of Directors for Education is Freedom.
00:00 - Intro
00:10 - Why most AAA asset spreads have compressed, but CLO arbitrage strategies provide opportunity. CLO AAA still have huge spreads compared to the first CLO’s.
03:14 - Investor want bonds that look like stocks and stocks that look like bond - Bank debt as a good source of yield. Securitization market may provide structural yield for one investor, equity return for another.
07:47 - Returns based on skill-based platforms, not just access-based.
In part 2 of this interview, Highland Capital Management's co-founder and Chief Investment Officer Mark Okada discusses the future of the CLO space. According to Mark, unlike most AAA asset spreads which have compressed, CLO spreads and arbitrage opportunities remain attractive for banks, insurance companies, and pension funds who are looking for AAA spreads. Mark describes why bank debt is good source of yield, and how he foresees a return to the securitization of bank debt in the coming years.
He also talks about the future of Highland Capital, and what sets the firm apart from other large credit investment managers.
Mark Okada, CFA
Co-Founder, Chief Investment Officer
Mr. Okada is Co-Founder and Chief Investment Officer of Highland Capital Management, L.P. and is responsible for overseeing Highland's investment activities for its various strategies. Mr. Okada is a pioneer in the development of the bank loan market and has over 25 years of credit experience. He is responsible for structuring one of the industry's first arbitrage CLOs and was actively involved in the development of Highland's bank loan separate account and mutual fund platforms. Mr. Okada received a BA in Economics and a BA in Psychology, cum laude, from the University of California, Los Angeles. He has earned the right to use the Chartered Financial Analyst designation. Mr. Okada is a Director of NexBank, Chairman of the Board of Directors of Common Grace Ministries, Inc. and is on the Board of Directors for Education is Freedom.
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