May 13, 2019 - Last month, LSTA’s Executive Director, Lee Shaiman, submitted a column to Creditflux for publication in its monthly magazine. The column was published in the print edition and was made available online last week. We share it with you here. The column addresses the CLO-CDO comparisons that we have seen in abundance in the financial press in recent months. Shaiman argues that CLOs do not materially resemble CDOs because: (1) CLO managers, unlike their CDO counterparts, actively manage their portfolios; (2) there is much less overall leverage in the system today than there was in the pre-crisis period; and (3) banks limit their purchases of CLO tranches to those that have a long history of strong performance.