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| Author: | Bowman, L. |
| Title: | Covenant-lite CLOs: From sub-prime to the ridiculous |
| Journal: | Euromoney
2007 : JUN, VOL. 38:458, p. 70-75 |
| Index terms: | financial markets mortgages loans risk |
| Language: | eng |
| Abstract: | This Cover story article asks why covenant-lite Collateralized Loan Obligations (CLO) are the next accident waiting to happen. The U.S. sub-prime mortgage market's recent disruption served as a warning to the Collateralised Debt Obligations (CDO) market of what happens when deals are backed by increasingly risky underlying assets. The CLO managers are buying single-B rated, covenant-lite loans. So why aren't CLO managers paying more attention? |
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