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CLOs wrap up record year as Libor phases out
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Investors’ search for higher yields and Wall Street’s shift to a new interest-rate benchmark powered a record year in sales of collateralized loan obligations—securities made of bundles of low-rated corporate loans.
Asset managers including Ares Management Corp. and PGIM Inc. are on pace to finish the year with more than $186 billion in new CLO sales, according to Leveraged Commentary & Data. That is a record high in data going back to 2011, smashing 2018’s previous yearly record of $128.9
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