Highland Exits European CLO Business

Clouse, Carol J.
February 2011
High Yield Report;2/28/2011, Vol. 22 Issue 9, p20
This article reports on the exit of Highland Capital Management from the European collateralized loan obligation (CLO) market. According to Bloomberg, four CLOs rated by Standard & Poor's in Europe with an initial total size of 2.46 billion euros were raised by Highland. Morgan Stanley points out that 90% of U.S. CLOs are in compliance with the terms of their agreements compared with Europe's 55%. There are concerns among European loan market participants over Article 122a of the Capital Requirements Directive.


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