When The Carlyle Group hired Mike Ramsay from Pru M&G Investments to head its European collateralised loan obligation (CLO) arm in September 2004, it started a stampede of US managers setting up shop in Europe.
Last year, however, Carlyle European Leveraged Finance (CELF) Investments distinguished itself with two milestone trades that have set the future direction for the CLO market. In particular, it has become the first to truly emerge from the cash CLO model, embracing loan credit default
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