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Basically, a CLO is a bundle of loans that is sliced into what are called tranches, which are ordered by repayment preference, and thus, risk. AAA tranche buyers get paid first, then AA, and so on, and if there’s money left at the end of the debt tranches, it goes to investors who bought the equity tranche.
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By Jack Hough
Barron`s, Apr. 26, 2024 
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