LPC: Firms refinance CLO step-up tranches to avoid interest rate increase
July 28, 2016 at 13:37 PM EDT
NEW YORK, July 28 (Reuters) - At least seven Collateralized Loan Obligation (CLO) managers have refinanced funds so far this year to cut spreads on Triple A tranches with coupons that can step up to more than 10% of the current market rate.