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Since the onset of the financial crisis there has been a dearth of CLO issuance in Europe, while on the other side of the Atlantic the market has rebounded healthily. Now, at long last, green shoots are beginning to emerge in a European thaw. In this article we consider: (i) certain of the innovations which have taken place in US CLO 2.0 transactions; (ii) how these are being translated into European transactions; and (iii) some factors which distinguish the European market from that in the US.

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