This Report, commissioned by the German Council of Economic Experts (Der Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung), addresses the key institutional and regulatory differences between the American and European securitization markets. In particular, it considers...

We analyze collateralized loan obligation (CLO) transactions by European banks (1997 - 2004), trying to identify firm-specific and macroeconomic factors influencing an institution's securitization decision. CLO issuance seems to be an appropriate funding tool for large banks with high risk and...