European CLO Documentation Highlights

This trend report highlights key themes observed in European CLO transactions since the beginning of the year. Our key finding is that, across most deals, documentation provisions remain protective—and this is regardless of the CLO manager’s profile or perceived management style. 

We start with a list of the most recent transactions covered and follow with a high-level commentary on the market's most significant documentation provisions, such as Risk Retention, Modification and Waivers, Specified Assets, Bankruptcy and Distressed Exchanges, Loss Mitigation and Restructured Obligations. 

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