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Collateral quality or increased recoveries: CLO portfolio management in a time of credit deterioration

19 March 2024 / Author(s): James Smallwood
Issue: February 2023 / Categories: Feature

This article considers: (i) the delicate balance between competing interests and incentives in collateralised loan obligations (CLOs) with regard to restructurings of credit-impaired portfolio (broadly syndicated leveraged) loans; and (ii) recent innovations and changes to CLO documentation driven by specific well-publicised examples of leveraged loan restructuring.

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