Summary。    As refinancing activity wanes and reset and new issuance activity increases, collateralized loan obligation1(CLO) market participantshave largely remained disciplined, issuing and investing in well-diversified CLOs with the time-tested structural features that helpedprevent losses on highly rated tranches through credit downturns.。    CLO 2.0s maintain diverse collateral and time-tested structures. Despite an issuer-friendly market, CLO collateral is stillwell-diversified and consists primarily of first-lien senior secured loans. Furthermore, even as CLOs have largely maintained the keystructural features that helped them weather credit downturns, CLO 2.0transactions (post-crisis deals) include a number of creditprotections not previously present in 1.0transactions (pre-crisis deals).。    CLO managers have sought more structural flexibility. As leveraged loan quality weakens, managers' push for more flexibilityhas led to some signs of structural weakening as well.。    Resets and new issuance drive CLO volume as refi activity recedes. As refinancing volume continues to fall from its Aprilpeak, reset and new issuance activity is now dominating the market. Whereas a refinancing largely keeps the initial CLO intactwhile reducing liability spreads, a reset essentially issues a brand new deal from an existing collateral pool.。

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