Using a novel dataset of leveraged loan trades executed by managers of collateralized loan obligations (CLOs), we document the importance of “active loan trades” – trades executed at a manager’s discretion. More active trading increases the returns to CLO equity investors, lowers collateral portfolio default rates, and increases the manager’s chances of closing a new deal. Examining the observed loan trades, we find that more active CLOs trade at better prices than less active CLOs, selling leveraged loans earlier and before they get downgraded. Our findings suggest that more active CLOs are better at anticipating deteriorations in loan credit quality.

使用由抵押贷款债务管理人（CLO）经理执行的杠杆贷款交易的新数据集，我们记录了“主动贷款交易”的重要性–由经理酌情执行的交易。更活跃的交易增加了CLO股票投资者的收益，降低了抵押投资组合的违约率，并增加了经理完成新交易的机会。通过观察观察到的贷款交易，我们发现活跃的CLO的交易价格要低于活跃的CLO的交易价格，它们在杠杆贷款降级之前和降级之前就出售了杠杆贷款。我们的发现表明，更活跃的CLO可以更好地预测贷款信用质量的下降。