Is the CLO whale back in the water?

Norinchukin Bank is preparing a return to the global CLO market, Bloomberg reported last week. For those that spend a little less time than us in the world of CLOs, Norinchukin Bank (more popularly known as Nochu) is a Japanese cooperative bank mainly serving farmers and fishing cooperatives, which also happens to be one of the country’s largest institutional investors. To cut a long story rather too short, between 2017 and 2019 Nochu became known as the CLO ‘whale’ after becoming the single biggest buyer of AAA CLO notes globally. Read on to discover more.