The Rise of Interest Rates in the CLL Market

The confusion or miscategorization between CLLs and CDOs is probably still top of the list. But at the end of the day, like we started off saying this is a portfolio of bank loans, very diverse, high quality in most cases. And then the important kicker is that the financing that's employed in a CLL is non-marked to market. This is term financing that is not affected by the price and the underlying loan portfolio.