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Discussion Paper
Who Owns U.S. CLO Securities? An Update by Tranche
Against the backdrop of the COVID-19 crisis, leveraged loans have deteriorated and concerns about CLOs, the main buyers of loans on the secondary market, have increased. These concerns have reduced the demand for new CLOs, making it harder for firms to borrow through leveraged loans on the primary market, as banks have found it more difficult to sell loans on the secondary market.
Discussion Paper
Chinese Banks' Dollar Lending Decline
The dominant international role of the U.S. dollar has received renewed attention in recent years, but across many measures, the dollar's dominance in international finance has changed little.2However, there has been a notable change in one statistic. Dollar-denominated cross-border bank lending to emerging market economies (EMEs) declined almost 10 percent between the start of 2022 and early 2024.3According to our analysis using both public and restricted BIS banking statistics, this is largely because of a shift in the currency composition of lending abroad by Chinese banks. With both ...