In recent years, the rise to prominence of one particular form of collateral has had an especially important impact on the evolution of the CDO market as well as on the broader credit market: leveraged loans.
Volume in the market for leveraged loans - generally defined as syndicated bank loans to non-investment grade companies - exploded between 2002 and 2007. According to data published by Fitch, in 2002 EUR87.4 billion was raised in 201 leveraged transactions in western Europe. In 2007, that to
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