CLO (Collateralized loan obligation, szczególny rodzaj CDO) w wyniku zachodzącego skurczu kredytowego (ang. credit crunch), oraz w wyniku braku poprawnego działania systemu monetarnego, w tym niedziałającej kreacji pieniądza (patrz koniecznie Balance sheet recession - Richard Koo, Nomura, w tym tag na tym blogu balance sheet, richard koo) zaczyna zanikać.
Dzisiaj ukazał się BARDZO ciekawy art w FT.com, jeden cytat:
“The disappearance of CLOs is a symbol of a wider problem,” says Mr Gleeson at Clifford Chance. “Credit is just not being created.”
Więcej w FT: Europe’s CLO market in danger of extinction
Bundles of European buy-out loans, used to underpin many private equity deals prior to the financial crisis, are in danger of dying out, removing a vital cog in the region’s credit machinery.Bankers warn that a winding down of European collateralised loan obligations (CLOs) is expected to stymie fresh deals and to hamstring the market’s ability to refinance an estimated €250bn of European leveraged loans due to mature by 2017.“The European leveraged loan market was made up of the banks and CLOs. Both of those pillars are melting away,” says a senior leveraged finance banker. “There’s going to be a big fat tail of problems for a lot of people.”At the leveraged loan market’s peak in 2007, CLOs bought two-thirds of the €166bn of leveraged loans issued that year, according to a report by Standard & Poor’s published this year.