The Role of the Loan Manager in the Floating Rate Loan Market

I think we should expect to see continued dispersion in terms of performance between issuers, and I think that this dispersion will grow. And what it will do is it will create more of a credit pickers market in which skill and bottom up fundamental analysis is going to be essential. Finally, I'd like to zero in on one specific area that we highlight in the performing credit quarterly, CLOs or collateralized loan obligations. We have Megan Messina, Oaktree's head of CLL Capital Markets who can help you understand how they've evolved over the last decade.