This chapter follows Shiloh Bates' journey from an investment banking analyst to the buy side in structured credit, focusing on the evolution of the CELO world from a niche market to a trillion-dollar industry. It explores the appeal of CELO equity tranches, the benefits of investing in floating rate securities within CELOs, and the progression towards investing in riskier CELO equity. Additionally, it delves into the genesis of a book on CELO investing, investment opportunities in CELOs, and the structure, profitability, and historical performance of these assets.

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