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Gridlock in CLOs as managers feel loan squeeze

Euro in vice resized

Tight conditions in the European leveraged loan market are proving a boon for borrowers such as private equity houses, but CLO managers, which form a large proportion of the lending base to that market, are starting to feel the pain. CLO equity investors at the bottom of the chain will determine how far the screws can be turned, write David Bell and Max Bower.

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