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Spac boom boosts CLO credit quality


The explosion of special purpose acquisition companies (Spacs) may have drawn widespread criticism as evidence of an over-heating equity market but in turn the CLO market has benefited. Spacs have pumped equity into a number of highly leveraged companies, enabling lenders to get their money back. This has allowed CLO managers to enjoy a boost in credit quality, writes Paola Aurisicchio.

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