
Collateral crisis
Collateralised loan obligations

The collateralised loan obligation (CLO) market is coming under pressure. A range of disparate factors are bearing down on the European and US markets, and some participants believe the massive growth posted over the past two years will not be repeated in 2007. Fears about US credit quality, combined with a glut of new supply, has dampened investor enthusiasm for CLOs in the US, while the frenzied bid for loan assets has driven spreads tighter in Europe and made it increasingly difficult to
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