Benmelech, Efraim; Dlugosz, Jennifer - National Bureau of Economic Research (NBER) - 2009
Collateralized Loan Obligations (CLOs) were one of the largest and fastest growing segments of the structured finance market, fueling the 2003-2007 boom in syndicated loans and leveraged buyouts. The credit crisis brought CLO issuance to a halt, and as a result the leveraged loan market dried...