The market for CLOs of leveraged loans
An increase in leveraged buyout activity and a concomitant rise in demand for primary loans have boosted the issuance of collateralised loan obligations based on leveraged loans
A conspicuous trend in the CDO market in 2005 was the continued expansion in the market for leveraged loan CLOs. According to Standard & Poor's, 2005 was a record year for this important pocket of the CDO market, with 24 transactions rated by the agency, a 33% increase over 2004. Research published by Dresdner Kleinwort Wasserstein (DrKW) puts issuance in 2005 at EUR10.6bn in 23 transactions from 15 managers, compared with EUR6bn in 2004.
"This increase in CLO issuance can be explained by high
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