Symbology efforts back tech upgrades as CLO demand surges
Collateralized loan obligations (CLOs) are coming back into vogue as investors seek out new instruments to deliver risk. The industry that services them is catching up, as well
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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