Ex-Credit Suisse Bankers Are Shaking Up the $1.3 Trillion CLO Market

A crowd of large global banks is starting to muscle in on the lucrative business of arranging collateralized loan obligations, another sign that life’s returning to this crucial $1.3 trillion corner of corporate finance.

Credit Suisse used to be a big arranger of CLOs — vehicles that buy up junk-rated company loans, bundle them together and sell them as bonds. But the Swiss lender’s demise has opened the door to a raft of new contenders including Canada’s CIBC, the Bank of Nova Scotia and Spain’s Banco Santander SA. France’s Societe Generale SA and Japan’s Mizuho Financial Group Inc. are ...