Bank of America Corp. (BAC) raised a $413 million collateralized loan obligation for Credit Suisse Asset Management, according to three people with knowledge of the deal.
The CLO includes a $252.5 million slice rated AAA by Standard & Poor’s that has a coupon of 142 basis points more than the London interbank offered rate, said the people who declined to be identified because the terms are private.
CLOs are a type of collateralized debt obligation that pool high-yield, high-risk loans and slice them into securities of varying risk and return.
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