Demystifying CLOs:

They emerged as a solid asset class that revitalized the U.S. economy after the GFC. Recently, they have come under scrutiny. How risky are they? What is a CLO, exactly?

Join us July 21 at 11:30am EST

  • The “emergence” story of CLOs and CDO is a long-term blend of policy consequences and real economy realities
  • Post GFC, CLOs emerged as the winners. CDOs as the losers
    Although their names are similar, the value proposition of CLOs and CDOs is different:
    • The CDO market sector rose and fell as a credit portfolio arbitrage market, following the fall of Long Term Capital in 1997.
    • The CLO market filled a void when U.S. money-center and commercial banks exited middle market lending post-deregulation.
  • Can CLOs withstand the “Covid Crisis” or will the market collapse, as it did for CDOs?
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Your instructor:

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Ann Rutledge is a founding principal of the 20-year-old credit ratings/advisory firm CreditSpectrum Corp. and noted subject-matter expert on topics related to the logic of capital market development, with special focus on China’s financial system and credit market institutions.

Widely recognized for her ability to explain complex concepts simply, Rutledge testified before the U.S. Senate on The State of the Securitization Markets. With Sylvain Raynes, she co-wrote Elements of Structured Finance (2010) and The Analysis of Structured Securities (2003) both published by Oxford University Press. Her forthcoming book by Oxford is titled “China’s Multi-Tiered Capital Market.”

Rutledge was quoted in the U.S. Financial Crisis Inquiry Commission Financial Crisis Inquiry Report of 2011. In 2014 she co-authored with Bob Litan, A Real Fix for Credit Ratings, a Brookings Institution thought piece. In 2015, she published a landmark study on China’s ABS markets, Who Will Take the Lead in Shaping China’s Securitization Market Model, funded by Swift Institute.

She is an adjunct associate professor at Columbia University SIPA and has taught graduate-level courses in securitization and fixed income finance at The Hong Kong University of Science and Technology, The Chinese University of Hong Kong, Baruch College CUNY and NYU. Rutledge has an MBA from the Booth School of Business, the University of Chicago, and a BA from Wellesley College, where she was elected to Phi Beta Kappa.