RT Journal Article
SR Electronic
T1 U.S. CLOs: <em>Past and Present</em>
JF The Journal of Structured Finance
FD Institutional Investor Journals
SP 16
OP 23
DO 10.3905/jsf.2016.22.2.016
VO 22
IS 2
A1 Craig Stein
YR 2016
UL https://pm-research.com/content/22/2/16.abstract
AB Collateralized loan obligation transactions (CLOs) in the United States have proved a resilient investment product, having survived the financial crisis virtually unscathed. Since 2011, there has been a revival in the United States of offerings of CLOs. But U.S. CLOs have gone through many changes since the financial crisis both in direct response to the aftermath of the financial crisis and in response to new regulations. This article examines the changes in CLO structures and documentation since the financial crisis—general improvements in CLO indentures, adjustments in response to the Volcker Rule, as well as changes to comply with risk retention regulations.TOPICS: CLOs, CDOs, and other structured credit, legal/regulatory/public policy