CLOs of leveraged loans
Arbitrage CLOs backed by leveraged loans found favour last year, due mainly to an increased demand for and supply of leveraged loans
One of the overriding themes of the European CLO market in 2006 was the continued rapid expansion of the market for arbitrage CLOs backed by leveraged loans. According to research published by Dresdner Kleinwort, year-on-year growth in European CLO issuance in 2006 was in excess of 300%, with primary market activity in that 12-month period surpassing the total between 2000 and 2005.
That growth was a reflection chiefly of the sharp increase in supply of and demand for leveraged loans in recent
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