Collateralised Loan Obligations (Clos) - a Primer

103 Pages Posted: 10 Apr 2003

See all articles by Andreas (Andy) Jobst

Andreas (Andy) Jobst

International Monetary Fund (IMF) - European Department

Date Written: December 2002

Abstract

The following descriptive paper surveys the various types of loan securitisation and provides a working definition of so-called collateralised loan obligations (CLOs). Free of the common rhetoric and slogans, which sometimes substitute for understanding of the complex nature of structured finance, this paper describes the theoretical foundations of this specialised form of loan securitisation. Not only the distinctive properties of CLOs, but also the information economics inherent in the transfer of credit risk will be considered, so that we can equally privilege the critical aspects of security design in the structuring of CLO transactions.

JEL Classification: D81, G15, G21, M20

Suggested Citation

Jobst, Andreas A., Collateralised Loan Obligations (Clos) - a Primer (December 2002). CFS Working Paper No. 2002/13. Available at SSRN: https://ssrn.com/abstract=370640 or http://dx.doi.org/10.2139/ssrn.370640

Andreas A. Jobst (Contact Author)

International Monetary Fund (IMF) - European Department ( email )

700 19th Street NW
Washington, DC 20431
United States
+1-202-538-2898 (Phone)

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