What is a Collateralized Loan Obligation?

A loan backed by collateral or security is less risky than an unsecured loan. In the banking industry, a collateralized loan obligation is a loan that is backed by assets in a financial institution, including securities or bonds. TranchesInterest income and loan repayments made to the financial institution are used to back specific securities in a financial institution, creating a collateralized loan obligation instrument.

These interest payments and loan repayment groupings are called tranches. Cash Flow CDOIf the security instruments, the collateral, are not actively traded and therefore valued by the financial institution's incoming defaults, they are considered cash flow CDOs (collateral debt obligation), or collateral loan obligations. Market ValueThe market value of collateral loan obligations is based on the market returns of the collateral pool.

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