[20200611]IN11421_杠杆贷款和抵押贷款债务（CLO）：最近的事态发展和政策行动.pdf

CRS INSIGHT Prepared for Members and Committees of Congress INSIGHTINSIGHTi i Leveraged Loans and Collateralized Loan Obligations (CLOs): Recent Developments and Policy Actions June 11, 2020 Leveraged loans are a type of corporate debt extended to highly indebted companies. Borrowers often use leveraged loans to fund general operations or finance private equity firms leveraged buyouts. Some leveraged loans are packaged into collateralized loan obligations (CLOs) through securitization. Leveraged loan and CLO markets risk profile and rapid growth have drawn policy attention in recent years. Some are concerned that, when under stress, potential credit rating downgrades and escalating defaults in these markets could amplify financial system vulnerability. During the COVID-19-induced economic downturn, the heightened market stress and reduced corporate earnings have led to performance deterioration in leveraged loans and CLOs. The related price decline is more evident for the lower-rated CLO tranches. The pricing reflects the investors expectation that the relevant loss absorption structures may protect senior tranches while eroding certain equity and mezzanine tranches. The Federal Re