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  • CLO Investing: With an Emphasis on CLO Equity & BB Notes by Shiloh Bates book cover
  • CLO Investing: With an Emphasis on CLO Equity & BB Notes by Shiloh Bates book cover
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CLO Investing: With an Emphasis on CLO Equity & BB Notes

by Shiloh Bates

A guide to CLO structures and securities

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AlbakiReads Editorial

A guide to CLO structures and securities

Shiloh Bates’s book maps the mechanics of collateralized loan obligations, from the leveraged loans in their portfolios to the financing structure, payment rules, and tests that shape how they operate. Its emphasis is on CLO equity and BB notes—securities the description identifies as having particularly high risk-and-reward potential. Historical returns and the market’s development after the Global Financial Crisis provide context for understanding this specialized area of bond investing. The focus is practical and structural: how CLOs are built, how their rules work, and what distinguishes the two highlighted security types.

Good fit for readers who enjoy

  • Investment professionals seeking a focused introduction to CLOs.
  • Readers studying bond markets, leveraged loans, or structured finance.
  • Investors interested in the structure and historical returns of CLO equity and BB notes.

Themes

Collateralized loan obligationsLeveraged loans and financing structuresCLO payment rules and testsCLO equity and BB notesHistorical investment returns

Based on publisher information and book metadata.

Book overview

Collateralized Loan Obligations (CLOs) were left for dead after the Global Financial Crisis (GFC) of 2008-2009. Since then, CLOs have made a surprising comeback. Their popularity among investors is partially the result of impressive CLO performance during the GFC and beyond. CLO notes issued before the GFC did not have material defaults, and many CLO equity securities issued prior to the GFC ended up with annualized returns above 20%. Today the CLO market has over $1 trillion in assets under management and has replaced banks as the largest lender to private equity-backed companies.

 

CLO Investing: With an Emphasis on CLO Equity & BB Notes describes CLOs in detail, emphasizing the securities with the highest risk and reward potential, CLO BB notes and equity. The readers of this textbook will learn the characteristics of the CLO's leveraged loans, financing structure, payment rules and tests, and historical returns. As CLOs are gaining in popularity, investment professionals of all varieties will benefit from author Shiloh Bates's meticulous understanding of this unique market and the strategies for successfully investing in it.

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