Sales of bundled US corporate debt known as collateralised loan obligations are on course to surpass levels reached at the height of the credit bubble, as the search for yield leads investors to abandon caution.
In addition to renewed appetite for CLOs, private equity firms are buying out companies at record highs and investors are snapping up repackaged subprime UK mortgages that lenders are eager to offload.
Sales of CLOs, which pool leveraged loans made to low-rated companies, dried up in the years after the global financial crisis but have since come roaring back as investors seek out the higher returns on offer from buoyant credit markets.
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