Symbology efforts back tech upgrades as CLO demand surges

Record issuance pushes standardisation, investment as new buyers enter

David Keys, US Bank.

As Waters noted in a past examination of levereaged loans and CLO technology, these specialised debt markets lag significantly behind their peers in terms of operational efficiency.

A combination of boom-and-bust cyclicality, legal complexity, and general lack of impetus in such a niche market means that trade settlement can take, on average, at least two weeks. Bigger, more bespoke deals will range into months.

The industry is once again hitting the boom side of the cycle, though. Leveraged

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