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Tetragon Financial Group
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=== Bank loans === Tetragon invests in bank loans through CLO structures, predominantly in equity tranches, which see growing distributions when interest rates increase due to their waterfall structure. Bank loans generated a cash inflow of US$73m in FY21 for Tetragon, up 32% y-o-y (which however may include undisclosed disposals). Tetragon’s investments in CLOs are made either directly (US$142m, 54% of the exposure at end-March 2022), of which 90% are CLOs managed by the fully owned LCM; or through CLO-investing funds managed by fully owned Tetragon Credit Partners (46%). Additionally, Tetragon holds exposure to the CLO market through stakes in asset managers LCM and Tetragon Credit Partners, translating to total portfolio exposure of 19% of NAV at end-FY21 (last available data). As at end of last year, there were no internal test breaches on any CLO structures held by Tetragon.
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