Structured finance then and now: a comparison of CDOs and CLOs

Structured finance then and now: a comparison of CDOs and CLOs

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Structured finance then and now: a comparison of CDOs and CLOs

BIS Quarterly Review | September 2019 | 22 September 2019by Sirio Aramonte and Fernando Avalos(Extract from pages 11-14 of BIS Quarterly Review, September 2019)Collateralised debt obligations (CDOs) that invested in subprime mortgage-backed securities (MBS) were at the centre of the Great Financial Crisis (GFC).

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