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Collateralized loan obligation : ウィキペディア英語版 | Collateralized loan obligation Collateralized loan obligations (CLOs) are a form of securitization where payments from multiple middle sized and large business loans are pooled together and passed on to different classes of owners in various tranches. A CLO is a type of collateralized debt obligation. ==Leveraging==
Each class of owner may receive larger yields in exchange for being the first in line to risk losing money if the businesses fail to repay the loans that a CLO has purchased. The actual loans used are multimillion-dollar loans to either privately or publicly owned enterprises. Known as syndicated loans and originated by a lead bank with the intention of the majority of the loans being immediately "syndicated", or sold, to the collateralized loan obligation owners. The lead bank retains a minority amount of the loan while usually maintaining "agent" responsibilities representing the interests of the syndicate of CLOs as well as servicing the loan payments to the syndicate (though the lead bank can designate another bank to assume the agent bank role upon syndication closing). The loans are usually termed "high risk", "high yield", or "leveraged", that is, loans to companies which owe an above average amount of money for their size and kind of business, usually because a new business owner has borrowed funds against the business to purchase it (known as a "leveraged buyout"), because the business has borrowed funds to buy another business, or because the enterprise borrowed funds to pay a dividend to equity owners.
抄文引用元・出典: フリー百科事典『 ウィキペディア(Wikipedia)』 ■ウィキペディアで「Collateralized loan obligation」の詳細全文を読む
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