8/22/2013

The market for collateralized debt obligations reached $520 billion in 2006, then cratered to $4.3 billion in 2009 amid the global financial crisis. Since then, the market has evolved from mortgage-based CDOs into collateralized loan obligations, which consist of business loans but are structured like CDOs. An industry group estimates that $100 billion in CLOs will be issued worldwide this year.

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