FICC Focus Credit Crunch: AGL’s Comer on CLOs, Active Management and Growth
Mar 16, 2026
Wynne Comer, COO at AGL Credit Management and longtime CLO specialist, walks through CLO mechanics and active management. She discusses AGL’s turnover and optimization, building private credit and BDC capabilities, geographic expansion plans, the 10D diversification framework, regulatory and risk-retention effects, and how AI and tech shape credit diligence and monitoring.
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Build Formal Monitoring And Co-Located Teams
- Implement rigorous monitoring: AGL holds daily investment committee meetings, quarterly monitoring and credit watchlists driven by a head of credit committee.
- Co-locate credit and private teams to share market intelligence and speed decision-making.
Internal Rating And Shared Industry Reviews Boost Analysis
- AGL uses an internal credit rating system modeled on old JPMorgan frameworks combining deep qualitative memos with vendor data to speed analysis.
- Credit teams sit together and run joint industry reviews across BSL and private credit to share insights.
CLO Structural Evolution Underpins Strong Performance
- CLOs have shown resilience with low historical tranche defaults (~1.5% since inception) thanks to portfolio diversification and structural conservatism.
- 2.0-era CLOs removed practices like holding large bonds or structured credit that increased concentration risk in 1.0.