新たな中小企業金融チャネルとしてのCLOの発行条件の分析
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概要
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In Japan, the recent increases of the issues of CLOs are considered as a part of the enhancement of the function of the relationship banking and region-based finance. Because CLO is a new channel of small and middle sized enterprise finance and it enables small and middle sized companies to finance without collaterals and guarantees. Recently, some municipalities including Tokyo Metropolitan Government and a government-affiliated financial institute have promoted the issuance of CLOs. This paper analyze the spread between the subscription yield of the senior and mezzanine tranches of CLOs which were issued from FY1999 to FY2006 and the swap rates for the period equivalent to those CLOs tranche's. What kinds of the conditions of the issuance of CLOs affect the spreads?