U.S. | The rise of collateralized loan obligations: role, structure and risks

Nonfinancial business debt has increasingly come to the attention of economists working in the spheres of policy and finance. The main reason is the relatively high ratio of business leverage, and is recognized as a potential source of financial instability.

Key points

• Key points:
• CLO structuring
• CLO market, size and trends
• CLO collateral
• Credit and market risks
• Comparison to private-label MBS and CDOs

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