In this edition of the Lakemore Insights – September 2021 report, we note the record-breaking year seen in CLO primary, which has been driven by what is, in our view, arguably the most attractive CLO equity arbitrage conditions in history. Meanwhile, we observe that leveraged loans delivered a robust performance through the month, despite volatility in other risk assets, as a fundamentally strong market and floating rate benefits continued to attract investors. Finally, we consider the impact of inflation on various sectors.