Guide to CLOs
2nd Edition | updated Autumn 2021

Guide to CLOs

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Table of contents

About this guide
This guide provides an accessible but comprehensive guide to collateralised loan obligations.
We hope it provides a useful starting point for those new to CLOs and a handy reference work for those already familiar with the product.
Since the guide was first published in 2015 the CLO market has seen a number of developments, with new regulations coming and going. Despite that there have been surprisingly few changes to the core concept of what a CLO is, and how it works, a testament to the performance of the product over many cycles. This second edition has been updated to reflect the new features in the market, and includes updated data. It also includes an expanded set of listings of those companies most involved in the market.
We welcome comments and suggestions for ways this guide can be improved in future. Please send your comments to
This Guide to CLOs is for information purposes only and does not constitute investment advice. This guide is available exclusively to financial market professionals and should not be circulated to the general public. All content is the copyright of Creditflux Limited and unauthorised copying is strictly prohibited.
Guide to CLOs Published by Creditfl ux Limited London 10 Queen Street Place, London, EC4R 1BE New York 1345 Avenue of the Americas, 49th fl oor, New York, NY 10105
Creditflux: Editor: Sayed Kadiri Deputy editor: Dan Alderson Head of data journalism: Tanvi Gupta Reporters: Hugh Minch and Michelle D’Souza Data journalist: Charlie Dinning Head of research: Sam Robinson Researchers: Robin Armitage and Lafri Reda Production: Tom Davidson
Design and graphics: Jenisa Patel and Amber Treadwell