Independent information on structured credit and CLO portfolio strategy.
CIS Asset Management (Deutschland) GmbH publishes reference material on collateralized loan obligations, tranche structures, and portfolio-level risk considerations within structured credit markets.
This site is informational only. No investment, advisory, or paid services are offered or solicited through this domain.
Content on this site is provided for general information purposes only. It does not constitute investment advice, an offer, or a solicitation to buy or sell any financial instrument.
Structured credit, explained in institutional terms.
Structured credit organizes pooled loan exposure into tranches with distinct seniority, cash-flow priority, and risk characteristics. Collateralized loan obligations (CLOs) are a principal instrument within this category.
Our published material addresses tranche mechanics, collateral manager oversight, covenant structures, and the metrics used to monitor portfolio quality over a transaction's life.
Review focus areasTopics covered in our published material
Tranche structure
How senior, mezzanine, and subordinated tranches allocate cash flow and absorb loss within a structured transaction.
Covenant frameworks
Overcollateralization and interest coverage tests used to constrain portfolio composition during the reinvestment period.
Collateral management
The role of the collateral manager in loan selection, ongoing monitoring, and workout of distressed positions.
Portfolio monitoring
Metrics used to track weighted average spread, diversity, and rating migration across a loan portfolio.
Transaction lifecycle
Ramp-up, reinvestment, and amortization phases and how each affects portfolio flexibility and investor cash flow.
Risk terminology
Definitions of terms commonly used when describing structured credit risk, useful as a reference for readers new to the subject.
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CIS Asset Management (Deutschland) GmbH maintains this site as an informational resource on structured credit topics. The entity is registered in Germany and operates from its office at Hauptstraße 81–83, Eschborn.
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Read more about usCommon questions about this site and its content
No. This site does not offer, sell, or solicit any financial product, advisory service, or paid subscription. All material is published for general informational purposes only.
A CLO is a securitization vehicle that pools senior secured loans and issues tranches of notes with differing seniority and risk. Cash flow from the underlying loans is distributed to noteholders according to a defined payment priority.
The collateral manager selects and monitors the underlying loan portfolio, executes trading activity permitted under the transaction documents, and manages compliance with applicable covenants.
Senior tranches receive priority in cash-flow allocation and loss absorption, typically carrying lower risk and lower stated return. Subordinated tranches absorb losses first and sit lower in the payment waterfall.
These are covenant tests that compare portfolio collateral value or interest income against outstanding note balances or interest obligations. Failing a test typically redirects cash flow to more senior tranches.
The reinvestment period is a defined phase during which principal proceeds from loan repayments may be reinvested into new collateral, subject to eligibility criteria and covenant compliance.
Content is presented in general terms and may not reflect the regulatory framework of any specific jurisdiction. Readers should consult qualified professionals for jurisdiction-specific guidance.
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Review our published focus areas
An informational overview of the structured credit topics covered on this site.