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Junk CLOs Repackaged for Japanese Market

American-made collateralized loan obligations now being served in yield-starved Japan.

By Lisa Abramowicz | Updated on April 16, 2015

Bankers have a proposition for Japanese investors: Why don’t you put your money into bundles of junk-rated U.S. loans?

It’ll be a classic win-win, as the thinking goes. For Japanese institutions tired of decade after decade of paltry returns on Japanese government debt, they’ll earn higher yields; and for the riskiest U.S. companies, they’ll get access to a cheaper source of financing. What could possibly go wrong?

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