Jonathan Laredo
Is the apparent health of the CLO market little more than a fairytale?
The leveraged loan and equity markets have developed a 'Goldilocks economy' of their very own. The supply of equities continues to shrink with the rising scope of private equity funds. Banks are happy to oblige, generating record M&A fees while laying off risk to the burgeoning CLO market. And CLO investors, comfortable that they're getting superior risk-adjusted returns, have driven funding levels to new lows.
But for those of you who've forgotten the story, Goldilocks was a materialistic little
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