Collateralised loan obligations

Enron’s bankruptcy highlighted the problems that the lack of portfolio transparency and diversification in the collateralised loan obligation (CLO) market causes investors. Barrie Wilkinson and Andrew Kuritzkes of Oliver, Wyman & Co argue a ‘multi-bank CLO’ might be the solution

Last year began promisingly for the collateralised loan obligation (CLO) market, with rapidly growing volumes, landmark deals and innovative structures opening new doors for risk distribution. The market’s bright outlook, however, has been overshadowed by recent events. The fallout from September 11, the Enron bankruptcy and an increasing number of defaulted names in CLO portfolios has led to widening credit spreads, a collapse in issuer volume and greatly reduced liquidity. These pitfalls

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