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December 20, 2019  

Refi Experiment Getting Under Way for CLOs

A new process for refinancing collateralized loan obligations will be put to the test in early 2020.Known as an applicable margin reset (AMR), the mechanism permits issuers to periodically reset interest rates on their notes via modified Dutch auctions. Seven CLOs have been issued with such provisions so far.The first to reset will be TCW Asset Management’s TCW AMR CLO, 2019-1. That $402.9 million transaction, which priced Feb. 11 with MUFG...

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