Collateralized Loan Obligations Primer

August 2026

Collateralized loan obligations (CLOs) backed by broadly syndicated leveraged loans have grown from a niche structured credit product into one of the largest segments of the syndicated loan market.

Although the CLO label is sometimes applied to vehicles backed by private credit or middle‑market loans, this paper focuses exclusively on broadly syndicated CLOs. Despite their size and relevance, CLOs remain less widely understood than traditional corporate bond asset classes.