{"id":2448,"date":"2017-02-26T09:07:23","date_gmt":"2017-02-26T00:07:23","guid":{"rendered":"http:\/\/finance-gfp.com\/?p=2448"},"modified":"2024-07-04T06:28:58","modified_gmt":"2024-07-03T21:28:58","slug":"clocollateralized-loan-obligation%e3%80%81%e3%83%ad%e3%83%bc%e3%83%b3%e6%8b%85%e4%bf%9d%e8%a8%bc%e5%88%b8%e3%81%ae%e4%bb%95%e7%b5%84%e3%81%bf%e3%81%a8%e3%83%9d%e3%82%a4%e3%83%b3%e3%83%88","status":"publish","type":"post","link":"https:\/\/finance-gfp.com\/?p=2448","title":{"rendered":"CLO(\u30ed\u30fc\u30f3\u62c5\u4fdd\u8a3c\u5238)\u306e\u4ed5\u7d44\u307f\u3068\u30dd\u30a4\u30f3\u30c8\u3092\u5206\u304b\u308a\u3084\u3059\u304f\u89e3\u8aac"},"content":{"rendered":"<p><span class=\"ymarker-s\">\u3053\u3061\u3089\u306e\u30da\u30fc\u30b8\u3067\u306f<strong>CLO\uff08Collateralized Loan Obligation\uff1a\u30ed\u30fc\u30f3\u62c5\u4fdd\u8a3c\u5238\uff09<\/strong>\u306b\u3064\u3044\u3066\u4f53\u7cfb\u7684\u306b\u7406\u89e3\u3067\u304d\u308b\u3088\u3046\u5206\u304b\u308a\u3084\u3059\u304f\u89e3\u8aac\u3057\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<p>CLO\u306e\u5b58\u5728\u610f\u7fa9\u3068\u3057\u3066\u6700\u3082\u5927\u304d\u3044\u306e\u306f\u3001\u76f4\u63a5\u30ed\u30fc\u30f3\u50b5\u6a29\uff08\u30d0\u30f3\u30af\u30ed\u30fc\u30f3\uff09\u306b\u6295\u8cc7\u3067\u304d\u306a\u3044\u6295\u8cc7\u5bb6\u304c\u9593\u63a5\u7684\u306b\u6295\u8cc7\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308b\u70b9\u3067\u3059\u3002<\/p>\n<p>\u4f8b\u3048\u3070\u300c\u683c\u4ed8BB\u30fb\u5229\u56de\u308a7\uff05\u300d\u306e\u30d0\u30f3\u30af\u30ed\u30fc\u30f3\u306fCLO\u306b\u3088\u3063\u3066\u300cAAA\u30fb2\uff05\u300d\u300cBBB\u30fb6\uff05\u300d\u300c\u30a8\u30af\u30a4\u30c6\u30a3\u30fb15\uff05\u300d\u306e\u3088\u3046\u306b\u30bf\u30a4\u30d7\u306e\u7570\u306a\u308b\u8907\u6570\u306e\u50b5\u5238\u306b\u8a3c\u5238\u5316\u3055\u308c\u308b\u3053\u3068\u3067\u3001\u69d8\u3005\u306a\u6295\u8cc7\u5bb6\u304c\u30a2\u30af\u30bb\u30b9\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u8a73\u3057\u304f\u306f\u4e0b\u8a18\u3092\u3054\u89a7\u304f\u3060\u3055\u3044\u3002<\/p>\n\n<!-- WP QUADS v. 3.0.1  Shortcode Ad -->\n<div class=\"quads-location quads-ad\" id=\"quads-ad\" style=\"float:none;margin:0px 0 0px 0;text-align:center;\">\n<script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script>\r\n<!-- \u30d5\u30a1\u30a4\u30ca\u30f3\u30b7\u30e3\u30eb\u30b9\u30bf\u30fc\uff08\u8a18\u4e8b\u4e0a\u30ec\u30b9\u30dd\u30f3\u30b7\u30d6\uff09 -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-5603670596158988\"\r\n     data-ad-slot=\"4486034607\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n(adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n\n<h2>CLO\uff08Collateralized Loan Obligation\uff1a\u30ed\u30fc\u30f3\u62c5\u4fdd\u8a3c\u5238\uff09\u3068\u306f<\/h2>\n<p><strong>\u300c<\/strong><strong><span class=\"rmarker-s\">CLO<\/span>\u300d<\/strong>\u306f\u300c<span class=\"rmarker-s\"><strong>ABS<\/strong><\/span>\uff08asset backed security\uff1a\u8cc7\u7523\u62c5\u4fdd\u8a3c\u5238\uff09\u300d\u306e\u4e00\u7a2e\u3067\u3059\uff61<\/p>\n<p>\u300cABS\u300d\u306e\u4e2d\u3067\u4e0d\u52d5\u7523\u5411\u3051\u3092\u9664\u304f\u8cb8\u51fa\u50b5\u6a29\uff08\u30ed\u30fc\u30f3\uff1aLoan\uff09\u3084\u50b5\u5238\uff08\u30dc\u30f3\u30c9\uff1aBond\uff09\u3092\u88cf\u4ed8\u3051\u3068\u3059\u308b\u3082\u306e\u304c\u300c<span class=\"rmarker-s\">CDO<\/span>\uff08Collateralized Debt Obligation\uff1a\u50b5\u52d9\u62c5\u4fdd\u8a3c\u5238\uff09\u300d\u3068\u547c\u3070\u308c\u307e\u3059\u3002<\/p>\n<p>\u3055\u3089\u306b\u300cCDO\u300d\u306e\u5185\u3001\u88cf\u4ed8\u3051\u3068\u306a\u308b\u8cc7\u7523\u304c\u8cb8\u51fa\u50b5\u6a29\uff08\u30ed\u30fc\u30f3\uff1aLoan\uff09\u306e\u3082\u306e\u304c\u300c<span class=\"rmarker-s\">CLO<\/span>\uff08Collateralized Loan Obligation\uff1a\u30ed\u30fc\u30f3\u62c5\u4fdd\u8a3c\u5238\uff09\u300d\u3068\u547c\u3070\u308c\u3001\u50b5\u5238\uff08\u30dc\u30f3\u30c9\uff1aBond\uff09\u306e\u3082\u306e\u304c\u300cCBO\uff08Collateralized Bond Obligation\uff09\u300d\u3068\u547c\u3070\u308c\u307e\u3059\u3002<\/p>\n<p>\u3061\u306a\u307f\u306b\u300cCollateralized=\u62c5\u4fdd\u5316\u3055\u308c\u305f\u300d\u300cObligation =\u8a3c\u5238\u300d\u306e\u610f\u5473\u3067\u3059\u3002<\/p>\n<p>ABS\u3001CDO\u3001CLO\u30fbCBO\u3092\u30a4\u30e1\u30fc\u30b8\u56f3\u3067\u8868\u3059\u3068\u3053\u306e\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-18488\" src=\"https:\/\/finance-gfp.com\/wp-content\/uploads\/2017\/02\/clo_abs_new.png\" alt=\"ABS\uff08CLO\u30fbCBO\u30fbMBS\uff09\u30a4\u30e1\u30fc\u30b8\u56f3\" width=\"604\" height=\"354\" srcset=\"https:\/\/finance-gfp.com\/wp-content\/uploads\/2017\/02\/clo_abs_new.png 604w, https:\/\/finance-gfp.com\/wp-content\/uploads\/2017\/02\/clo_abs_new-300x176.png 300w\" sizes=\"auto, (max-width: 604px) 100vw, 604px\" \/><\/p>\n<p>MBS\uff08CMBS\u30fbRMBS\uff09\u306a\u3069\u3082ABS\u306e\u4e00\u7a2e\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>MBS\uff08CMBS\u30fbRMBS\uff09\u306e\u4ed5\u7d44\u307f\u3084\u30dd\u30a4\u30f3\u30c8\u306f\u3053\u3061\u3089\u3092\u53c2\u7167\u3057\u3066\u304f\u3060\u3055\u3044\uff1a<a href=\"https:\/\/finance-gfp.com\/?p=2669\" target=\"_blank\" rel=\"noopener noreferrer\">CMBS\u306e\u4ed5\u7d44\u307f\u3068\u30dd\u30a4\u30f3\u30c8\u3092\u5206\u304b\u308a\u3084\u3059\u304f\u8aac\u660e<\/a><\/li>\n<\/ul>\n<h2>CLO\u306e\u4ed5\u7d44\u307f<\/h2>\n<p>CLO\u306f\u30ed\u30fc\u30f3\u50b5\u6a29\uff08\u30d0\u30f3\u30af\u30ed\u30fc\u30f3\uff09\u3092\u88cf\u4ed8\u3051\u8cc7\u7523\uff08\u62c5\u4fdd\u8cc7\u7523\uff09\u3068\u3057\u3066\u767a\u884c\u3055\u308c\u307e\u3059\u3002\uff08\u30d0\u30f3\u30af\u30ed\u30fc\u30f3\u306f\u30ec\u30d0\u30ec\u30c3\u30b8\u30c9\u30ed\u30fc\u30f3\u3068\u3082\u547c\u3070\u308c\u307e\u3059\u304c\u3053\u306e\u30da\u30fc\u30b8\u3067\u306f\u30d0\u30f3\u30af\u30ed\u30fc\u30f3\u3068\u8868\u8a18\u3057\u307e\u3059\uff09<\/p>\n<p><span class=\"ymarker-s\">\u901a\u5e38\u3001CLO\u306f\u512a\u5148\u52a3\u5f8c\u69cb\u9020\u3092\u6d3b\u7528\u3057\u300c\u30b7\u30cb\u30a2\u300d\u300c<\/span><span class=\"ymarker-s\">\u30e1\u30b6\u30cb\u30f3\u300d\u300c\u30a8\u30af\u30a4\u30c6\u30a3\u300d\u306b\u30c8\u30e9\u30f3\u30b7\u30a7\u5206\u3051\u3055\u308c\u307e\u3059\u3002<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-2452\" src=\"https:\/\/finance-gfp.com\/wp-content\/uploads\/2017\/02\/clo20170225.png\" alt=\"CLO\u4ed5\u7d44\u307f\u56f3\" width=\"667\" height=\"458\" srcset=\"https:\/\/finance-gfp.com\/wp-content\/uploads\/2017\/02\/clo20170225.png 667w, https:\/\/finance-gfp.com\/wp-content\/uploads\/2017\/02\/clo20170225-300x206.png 300w, https:\/\/finance-gfp.com\/wp-content\/uploads\/2017\/02\/clo20170225-30x21.png 30w\" sizes=\"auto, (max-width: 667px) 100vw, 667px\" \/><\/p>\n<p><span class=\"ymarker-s\">\u30ed\u30fc\u30f3\u50b5\u6a29\uff08\u30d0\u30f3\u30af\u30ed\u30fc\u30f3\uff09\u304c\u30c7\u30d5\u30a9\u30eb\u30c8\u3057\u305f\u5834\u5408\u306f\u3001\u30a8\u30af\u30a4\u30c6\u30a3\u2192\u30e1\u30b6\u30cb\u30f3\u2192\u30b7\u30cb\u30a2\u306e\u9806\u306b\u4e0b\u304b\u3089\u6bc0\u640d\u3057\u3066\u3044\u304d\u307e\u3059\u3002<\/span><\/p>\n<p>\u305d\u306e\u305f\u3081\u3001\u30a8\u30af\u30a4\u30c6\u30a3\u306f\u305d\u308c\u306a\u308a\u306b\u30ea\u30b9\u30af\u304c\u9ad8\u3044\u3053\u3068\u304b\u3089\u5229\u56de\u308a\u3082\u9ad8\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u30b1\u30fc\u30b9\u30d0\u30a4\u30b1\u30fc\u30b9\u3067\u3059\u304c\u3001\u5546\u54c1\u306b\u3088\u3063\u3066\u306f20\uff05\u4ee5\u4e0a\u306e\u5229\u56de\u308a\u306e\u3082\u306e\u3082\u3042\u308a\u307e\u3059\uff61<\/p>\n<p><span class=\"ymarker-s\">\u30e1\u30b6\u30cb\u30f3\u3084\u30b7\u30cb\u30a2\u306e\u5834\u5408\u306f\u3001\u305d\u308c\u305e\u308c\u306e\u52a3\u5f8c\u90e8\u5206\u304c\u3069\u308c\u304f\u3089\u3044\u3042\u308b\u304b\u3067\u30ea\u30b9\u30af\u304c\u5909\u5316\u3057\u307e\u3059\u3002<\/span><\/p>\n<p>\u3053\u308c\u3082\u30b1\u30fc\u30b9\u30d0\u30a4\u30b1\u30fc\u30b9\u3067\u3059\u304c\u3001\u4e00\u822c\u7684\u306a\u7c73\u30c9\u30eb\u5efa\u3066\u306eCLO\u306e\u30a4\u30e1\u30fc\u30b8\u3092\u304a\u4f1d\u3048\u3059\u308b\u3068\u8cc7\u7523\u5168\u4f53\u306e\u4e2d\u3067<span style=\"background-color: #ccffcc;\">\u30a8\u30af\u30a4\u30c6\u30a3\u304c5\uff05<\/span>\u3001<span style=\"background-color: #ccffff;\">\u30e1\u30b6\u30cb\u30f3\u304c15\uff05<\/span>\u3001<span style=\"background-color: #99ccff;\">\u30b7\u30cb\u30a2\u304c80\uff05<\/span>\u3068\u8a00\u3063\u305f\u611f\u3058\u3067\u3057\u3087\u3046\u304b\u3002<\/p>\n<p>\u5229\u56de\u308a\u306f<span style=\"background-color: #ccffcc;\">\u30a8\u30af\u30a4\u30c6\u30a315\uff05<\/span>\u3001<span style=\"background-color: #ccffff;\">\u30e1\u30b6\u30cb\u30f36\uff05<\/span>\u3001<span style=\"background-color: #99ccff;\">\u30b7\u30cb\u30a22\uff05<\/span>\u306e\u3088\u3046\u306a\u611f\u3058\u3067\u3059\uff61<\/p>\n<p>\u57fa\u672c\u7684\u306b<span style=\"background-color: #99ccff;\">CLO<\/span><span style=\"background-color: #99ccff;\">\u306e\u30b7\u30cb\u30a2\u306fAAA<\/span>\u7b49\u3001\u9ad8\u683c\u4ed8\u3051\u3067\u6bc0\u640d\u3057\u306a\u3044\u3053\u3068\u304c\u60f3\u5b9a\u3055\u308c\u3066\u3044\u307e\u3059\uff61<\/p>\n<p><span style=\"background-color: #ccffff;\">\u30e1\u30b6\u30cb\u30f3\u306fA\uff5eBB<\/span>\u304c\u4e00\u822c\u7684\u3067\u3001<span style=\"background-color: #ccffcc;\">\u30a8\u30af\u30a4\u30c6\u30a3\u306f\u683c\u4ed8\u3051\u306f\u3042\u308a\u307e\u305b\u3093<\/span>\u3002\uff08\u4e0a\u306b\u63b2\u8f09\u306e\u30a4\u30e1\u30fc\u30b8\u56f3\u3092\u53c2\u7167\u3057\u3066\u304f\u3060\u3055\u3044\uff09<\/p>\n<p>\u30a8\u30af\u30a4\u30c6\u30a3\u306e\u5272\u5408\u304c\u5897\u3048\u308c\u3070\u30e1\u30b6\u30cb\u30f3\u306e\u30ea\u30b9\u30af\u304c\u6e1b\u308a\u3001\u300c\u30a8\u30af\u30a4\u30c6\u30a3\uff0b\u30e1\u30b6\u30cb\u30f3\u300d\u306e\u5272\u5408\u304c\u5897\u3048\u308c\u3070\u30b7\u30cb\u30a2\u306e\u30ea\u30b9\u30af\u304c\u6e1b\u308a\u307e\u3059\u3002<\/p>\n<p>\u305f\u3060\u3057\u3001\u30ea\u30b9\u30af\u304c\u6e1b\u308c\u3070\u5229\u56de\u308a\u3082\u4f4e\u4e0b\u3059\u308b\u306e\u3067\u3001\u3053\u306e\u8fba\u306f\u6295\u8cc7\u5bb6\u306e\u30cb\u30fc\u30ba\u3084\u30de\u30fc\u30b1\u30c3\u30c8\u74b0\u5883\u306b\u3088\u3063\u3066\u5909\u5316\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30e1\u30b6\u30cb\u30f3\u306e\u4ed5\u7d44\u307f\u306f\u3053\u3061\u3089\u3092\u53c2\u7167\uff1a<a href=\"https:\/\/finance-gfp.com\/?p=2204\" target=\"_blank\" rel=\"noopener noreferrer\">\u30e1\u30b6\u30cb\u30f3\u30ed\u30fc\u30f3\u306e\u5168\u3066\uff08\u4ed5\u7d44\u307f\u30fb\u5b58\u5728\u610f\u7fa9\u30fb\u5177\u4f53\u7684\u4e8b\u4f8b\u3092\u5206\u304b\u308a\u3084\u3059\u304f\u89e3\u8aac\uff09<\/a><\/li>\n<\/ul>\n<h2>CLO\u306e\u5b58\u5728\u610f\u7fa9\u306f\u30d0\u30f3\u30af\u30ed\u30fc\u30f3\u3078\u30a2\u30af\u30bb\u30b9\u3067\u304d\u308b\u6295\u8cc7\u5bb6\u306e\u62e1\u5927<\/h2>\n<p><span class=\"ymarker-s\">\u7c73\u56fd\u306e\u30d0\u30f3\u30af\u30ed\u30fc\u30f3\uff08\u62c5\u4fdd\u4ed8\u5927\u624b\u4f01\u696d\u5411\u3051\u878d\u8cc7\uff09\u306f\u3001\u6295\u8cc7\u4fe1\u8a17\u3068\u4e26\u3073CLO\u304c\u4e3b\u8981\u6295\u8cc7\u5bb6\u3068\u306a\u3063\u3066\u3044\u307e\u3059\uff61<\/span><\/p>\n<p>\u7c73\u56fd\u306e\u30d0\u30f3\u30af\u30ed\u30fc\u30f3\u81ea\u4f53\u306e\u683c\u4ed8\u3051\u306fB\uff5eBB\u3067\u3001\u5e73\u5747\u30c7\u30d5\u30a9\u30eb\u30c8\u73873\uff05\u3001\u30c7\u30d5\u30a9\u30eb\u30c8\u6642\u306e\u56de\u53ce\u738770\uff05\u3068\u306a\u3063\u3066\u304a\u308a\u3001\u9577\u671f\u3067\u4fdd\u6709\u3059\u308c\u3070\u305d\u308c\u7a0b\u30ea\u30b9\u30af\u306f\u9ad8\u304f\u306a\u304f\u3001\u3042\u308b\u7a0b\u5ea6\u306e\u9ad8\u3044\u30ea\u30bf\u30fc\u30f3\u304c\u671f\u5f85\u3067\u304d\u307e\u3059\u3002<\/p>\n<p>\u3057\u304b\u3057\u3001\u30de\u30fc\u30b1\u30c3\u30c8\u306e\u30b7\u30e7\u30c3\u30af\u6642\u306a\u3069\u306f\u77ed\u671f\u7684\u306b\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u304c\u9ad8\u304f\u306a\u308b\u3053\u3068\u3084\u683c\u4ed8\u3051\u304c\u3084\u3084\u4f4e\u3044\u3053\u3068\u304b\u3089\u3001\u76f4\u63a5\u6295\u8cc7\u3067\u304d\u308b\u6a5f\u95a2\u6295\u8cc7\u5bb6\u306f\u9650\u5b9a\u3055\u308c\u3066\u3057\u307e\u3044\u307e\u3059\u3002<\/p>\n<p>\u3053\u306e\u6642\u3001\u4e0a\u8a18\u306e\u56f3\u306e\u3088\u3046\u306b\u30c8\u30e9\u30f3\u30b7\u30a7\u5206\u3051\u3059\u308c\u3070\u3001\u30ea\u30b9\u30af\u3092\u3042\u307e\u308a\u53d6\u308c\u306a\u3044\u6295\u8cc7\u5bb6\u306f\u30b7\u30cb\u30a2\u306b\u6295\u8cc7\u304c\u3067\u304d\u3001\u30ea\u30b9\u30af\u3092\u53d6\u3063\u3066\u9ad8\u5229\u56de\u308a\u3092\u4eab\u53d7\u3057\u305f\u3044\u6295\u8cc7\u5bb6\u306f\u30a8\u30af\u30a4\u30c6\u30a3\u3001\u30df\u30c9\u30eb\u30ea\u30b9\u30af\uff65\u30df\u30c9\u30eb\u30ea\u30bf\u30fc\u30f3\u306e\u6295\u8cc7\u5bb6\u306f\u30e1\u30b6\u30cb\u30f3\u306b\u6295\u8cc7\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\uff61<\/p>\n<p><span class=\"ymarker-s\">\u3053\u306e\u3088\u3046\u306b\u30d0\u30f3\u30af\u30ed\u30fc\u30f3\uff08\u62c5\u4fdd\u8cc7\u7523\uff09\u3092\u8a3c\u5238\u5316\u3057\u3001CLO\u3068\u3059\u308b\u3053\u3068\u3067\u30d0\u30f3\u30af\u30ed\u30fc\u30f3\uff08\u62c5\u4fdd\u8cc7\u7523\uff09\u306b\u30a2\u30af\u30bb\u30b9\u3067\u304d\u308b\u6295\u8cc7\u5bb6\u3092\u62e1\u5927\u3059\u308b\u3053\u3068\u304c\u53ef\u80fd\u3068\u306a\u308a\u307e\u3059\uff61<\/span><\/p>\n<p><span class=\"ymarker-s\">\u3053\u308c\u304cCLO\u306e\u6700\u3082\u5927\u304d\u306a\u5b58\u5728\u610f\u7fa9\u3068\u8a00\u3048\u307e\u3059\u3002<\/span><\/p>\n<p>\u30c8\u30e9\u30f3\u30b7\u30a7\u5206\u3051\u3059\u308b\u969b\u306e\u6bd4\u7387\u3092\u5909\u5316\u3055\u305b\u308b\u3053\u3068\u3067\u69d8\u3005\u306a\u30ea\u30b9\u30af\u30ea\u30bf\u30fc\u30f3\u306e\u5546\u54c1\u3092\u81ea\u7531\u306b\u4f5c\u308b\u3053\u3068\u304c\u53ef\u80fd\u3068\u306a\u308a\u307e\u3059\u3002(\u3082\u3061\u308d\u3093\u3053\u308c\u306fCLO\u306b\u9650\u3089\u305a\u8a3c\u5238\u5316\u5546\u54c1\u5168\u4f53\u306b\u3044\u3048\u308b\u3053\u3068\u3067\u3059)<\/p>\n<ul>\n<li>\u7c73\u56fd\u30d0\u30f3\u30af\u30ed\u30fc\u30f3\u306e\u4ed5\u7d44\u307f\u3084\u30dd\u30a4\u30f3\u30c8\u306f\u3053\u3061\u3089\u3092\u53c2\u7167\uff1a<a href=\"https:\/\/finance-gfp.com\/?p=70\" target=\"_blank\" rel=\"noopener noreferrer\">\u30d0\u30f3\u30af\u30ed\u30fc\u30f3\u30fb\u30aa\u30fc\u30d7\u30f3\/\u30d0\u30f3\u30af\u30ed\u30fc\u30f3\u306e\u6295\u8cc7\u74b0\u5883<\/a><\/li>\n<\/ul>\n<h2>\u30ea\u30fc\u30de\u30f3\u30b7\u30e7\u30c3\u30af\u6642\u306f\u30b7\u30cb\u30a2CLO\u3082\u6bc0\u640d\uff08\u305d\u306e\u5f8c\u306eCLO\u306f\u4fdd\u5b88\u7684\u306a\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u30fc\u306b\uff09<\/h2>\n<p>\u30ea\u30fc\u30de\u30f3\u30b7\u30e7\u30c3\u30af\u6642\u306f\u3001\u60f3\u5b9a\u3088\u308a\u3082\u62c5\u4fdd\u8cc7\u7523\u306e\u30c7\u30d5\u30a9\u30eb\u30c8\u304c\u5927\u304d\u304f\u5897\u3048\u305f\u3053\u3068\u306b\u3088\u308a\u3001\u4e00\u90e8\u306eCLO\u3067\u306f\u30b7\u30cb\u30a2\u90e8\u5206\u307e\u3067\u3082\u304c\u6bc0\u640d\u3057\u3066\u5927\u304d\u306a\u554f\u984c\u306b\u306a\u308a\u307e\u3057\u305f\u3002<\/p>\n<p>\u4e0a\u8a18\u306e\u901a\u308a\u3001\u30b7\u30cb\u30a2\u306f\u901a\u5e38AAA\u306e\u683c\u4ed8\u3051\u3092\u53d6\u5f97\u3057\u3066\u3044\u305f\u305f\u3081\u3001\u6295\u8cc7\u5bb6\u306f\u5b89\u5168\u78ba\u5b9f\u3067\u3042\u308b\u3068\u306e\u524d\u63d0\u3067\u6295\u8cc7\u3057\u3066\u3044\u307e\u3057\u305f\u304c\u3001\u3053\u308c\u304c\u6bc0\u640d\u3057\u305f\u305f\u3081\u5927\u304d\u306a\u554f\u984c\u3068\u306a\u308a\u307e\u3057\u305f\u3002<\/p>\n<p>\u30b7\u30cb\u30a2\u304c\u4e00\u90e8\u3067\u3082\u6bc0\u640d\u3057\u305fCLO\u306f\u3001\u5f53\u305f\u308a\u524d\u3067\u3059\u304c\u30a8\u30af\u30a4\u30c6\u30a3\u3068\u30e1\u30b6\u30cb\u30f3\u306f\u5168\u640d\u3067\u3059\u3002<\/p>\n<p>\u305d\u306e\u305f\u3081\u3001\u4e00\u6642\u7684\u306bCLO\u7b49\u306e\u8a3c\u5238\u5316\u5546\u54c1\u306e\u4fe1\u983c\u6027\u304c\u4f4e\u4e0b\u3057\u3001\u767a\u884c\u304c\u6fc0\u6e1b\u3057\u307e\u3057\u305f\u3002<\/p>\n<p>\u3057\u304b\u3057\u30012015\u5e74\u9803\u304b\u3089\u7c73\u56fd\u3092\u306f\u3058\u3081\u65e5\u672c\u3067\u3082CLO\u306e\u767a\u884c\u304c\u518d\u958b\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n<p><span class=\"ymarker-s\">\u305f\u3060\u3057\u3001\u4ee5\u524d\u3068\u6bd4\u8f03\u3057\u3066\u30a8\u30af\u30a4\u30c6\u30a3\u3084\u30e1\u30b6\u30cb\u30f3\u306e\u5272\u5408\u304c\u9ad8\u304f\u3001\u30b7\u30cb\u30a2\u304c\u6bc0\u640d\u3057\u306b\u304f\u3044\u4fdd\u5b88\u7684\u306a\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u30fc\u306b\u306a\u3063\u3066\u3044\u308b\u3088\u3046\u3067\u3059\u3002<\/span><\/p>\n<p>2018\u5e74\u9803\u304b\u3089\u65e5\u672c\u306e\u6a5f\u95a2\u6295\u8cc7\u5bb6\u304c\u7c73\u56fd\u306eCLO\u3092\u591a\u304f\u4fdd\u6709\u3057\u3066\u3057\u3066\u3044\u308b\u3053\u3068\u3092\u91d1\u878d\u5e81\u304c\u61f8\u5ff5\u3057\u3066\u304a\u308a\u3001\u30de\u30fc\u30b1\u30c3\u30c8\u3067\u3082\u6298\u306b\u89e6\u308c\u3066\u8a71\u984c\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u304c\u3001\u65e5\u672c\u306e\u6a5f\u95a2\u6295\u8cc7\u5bb6\u304c\u4fdd\u6709\u3057\u3066\u3044\u308bCLO\u306f\u5927\u534a\u304c\u30b7\u30cb\u30a2\u306eAAA\u683c\u3067\u3042\u308b\u3053\u3068\u304b\u3089\u3001\u5927\u304d\u306a\u554f\u984c\u306b\u767a\u5c55\u3059\u308b\u53ef\u80fd\u6027\u306f\u4f4e\u3044\u3068\u8003\u3048\u3089\u308c\u307e\u3059\u3002<\/p>\n<h2>\u30b7\u30f3\u30bb\u30c6\u30a3\u30c3\u30afCDO\uff08CLO\u30fbCBO\uff09\u3068\u306f<\/h2>\n<p>\u4e0a\u8a18\u306e\u901a\u308a\u3001CLO\u306f\u8cb8\u51fa\u50b5\u6a29\uff08\u30ed\u30fc\u30f3\uff1aLoan\uff09\u3092\u88cf\u4ed8\u3051\u3068\u3057\u3001CBO\u306f\u50b5\u5238\uff08\u30dc\u30f3\u30c9\uff1aBond\uff09\u3092\u88cf\u4ed8\u3051\u3068\u3057\u3066\u8a3c\u5238\u5316\u3055\u308c\u3001\u3053\u308c\u3089\u306e\u7dcf\u79f0\u3092CDO\u3068\u547c\u3093\u3067\u3044\u307e\u3059\u3002<\/p>\n<p>CDO\u306f\u901a\u5e38\u3001\u8cb8\u51fa\u50b5\u6a29\uff08\u30ed\u30fc\u30f3\uff09\u3084\u50b5\u5238\uff08\u30dc\u30f3\u30c9\uff09\u3068\u3044\u3063\u305f\u5b9f\u969b\u306e\u91d1\u878d\u5546\u54c1\uff08\u53d6\u5f15\uff09\u304c\u88cf\u4ed8\u3051\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u304c\u3001\u3053\u308c\u3092\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u3092\u4f7f\u3063\u3066\u64ec\u4f3c\u7684\u306b\u4f5c\u308a\u51fa\u3059\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n<p>\u8cb8\u51fa\u50b5\u6a29\uff08\u30ed\u30fc\u30f3\uff09\u3084\u50b5\u5238\uff08\u30dc\u30f3\u30c9\uff09\u306e\u4ee3\u308f\u308a\u306bCDS\uff08\u30af\u30ec\u30b8\u30c3\u30c8\u30fb\u30c7\u30d5\u30a9\u30eb\u30c8\u30fb\u30b9\u30ef\u30c3\u30d7\uff09\u3092\u30d7\u30fc\u30eb\u3057\u3066\u8a3c\u5238\u5316\u3057\u305f\u5546\u54c1\u306f\u300c\u30b7\u30f3\u30bb\u30c6\u30a3\u30c3\u30afCDO\uff08CLO\u30fbCBO\uff09\u300d\u3068\u547c\u3070\u308c\u3066\u3044\u307e\u3059\uff61<\/p>\n<p>\u30b7\u30f3\u30bb\u30c6\u30a3\u30c3\u30af\u306f\u300c\u5408\u6210\u306e\u300d\u3092\u610f\u5473\u3057\u307e\u3059\u3002<\/p>\n<p>CDS\uff08\u30af\u30ec\u30b8\u30c3\u30c8\u30fb\u30c7\u30d5\u30a9\u30eb\u30c8\u30fb\u30b9\u30ef\u30c3\u30d7\uff09\u3092\u4f7f\u3063\u3066\u793e\u50b5\u3068\u540c\u3058\u7d4c\u6e08\u52b9\u679c\u3067\u3042\u308b\u30af\u30ec\u30b8\u30c3\u30c8\u30ea\u30f3\u30af\u50b5\u3092\u7d44\u6210\u3059\u308b\u306e\u3068\u540c\u3058\u539f\u7406\u3067\u3059\u3002<\/p>\n<p>\u4ed5\u7d44\u307f\u3068\u3057\u3066\u306f\u3001CDS\uff08\u30af\u30ec\u30b8\u30c3\u30c8\u30fb\u30c7\u30d5\u30a9\u30eb\u30c8\u30fb\u30b9\u30ef\u30c3\u30d7\uff09\u3092\u4f7f\u3063\u3066\u30af\u30ec\u30b8\u30c3\u30c8\u30ea\u30f3\u30af\u50b5\u3092\u7d44\u6210\u3057\u3001\u305d\u306e\u30af\u30ec\u30b8\u30c3\u30c8\u30ea\u30f3\u30af\u50b5\u3092\u88cf\u4ed8\u3051\u8cc7\u7523\uff08\u62c5\u4fdd\u8cc7\u7523\uff09\u3068\u3057\u3066CDO\u3092\u7d44\u6210\u3059\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u3064\u307e\u308a\u3001CDO\uff08CLO\u30fbCBO\uff09\u306f\u30ed\u30fc\u30f3\u3084\u50b5\u5238\u3092\u88cf\u4ed8\u3051\u3068\u3057\u3066\u3044\u308b\u306e\u306b\u5bfe\u3057\u3001\u300c\u30b7\u30f3\u30bb\u30c6\u30a3\u30c3\u30afCDO\uff08CLO\u30fbCBO\uff09\u300d\u306f\u30af\u30ec\u30b8\u30c3\u30c8\u30ea\u30f3\u30af\u50b5\u3092\u88cf\u4ed8\u3051\u3068\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30af\u30ec\u30b8\u30c3\u30c8\u30ea\u30f3\u30af\u50b5\u306e\u4ed5\u7d44\u307f\u306b\u3064\u3044\u3066\u306f\u3053\u3061\u3089\u3092\u53c2\u7167\uff1a\uff1a<a href=\"https:\/\/finance-gfp.com\/?p=120\" target=\"_blank\" rel=\"noopener noreferrer\">\u30af\u30ec\u30b8\u30c3\u30c8\u30ea\u30f3\u30af\u50b5<\/a><\/li>\n<\/ul>\n<p>\u300c\u30b7\u30f3\u30bb\u30c6\u30a3\u30c3\u30afCDO\uff08CLO\u30fbCBO\uff09\u300d\u3067\u306fCDS\u3092\u6d3b\u7528\u3059\u308b\u3053\u3068\u3067\u8cb8\u51fa\u50b5\u6a29\uff08\u30ed\u30fc\u30f3\uff09\u306e\u5b9f\u884c\u3084\u8ee2\u58f2\u5951\u7d04\u306a\u3069\u306e\u7169\u96d1\u306a\u624b\u7d9a\u304d\u304c\u5fc5\u8981\u306a\u3044\u70b9\u3082\u30e1\u30ea\u30c3\u30c8\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u50b5\u5238\u5e02\u5834\u306e\u5168\u4f53\u50cf\u306f\u3053\u3061\u3089\u3092\u53c2\u7167\uff1a<a href=\"https:\/\/finance-gfp.com\/?p=15759\" target=\"_blank\" 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