Once the stewards of a market declared all but dead, CLO managers in Europe have plenty to be thankful for today. Regulations many deemed as fatal to European collateralized loan obligations have failed to live up to the hype—in fact, euro-denominated CLO volume has steadily increased over the past few years and is expected to continue upwards, fueled by a resurging leveraged loan market, which hit a post-crisis high in 2014.

Still, there’s something more that Europe’s CLO managers would like to have, sort of an icing on the cake that has, for the most part, proved difficult to attain: the sterling liability tranche.

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