An important clarification here: CLOs are sold to multi billion dollar asset managers (technically referred to as QIBs, entities that manage at least $100mm in

An important clarification here: CLOs are sold to multi billion dollar asset managers (technically referred to as QIBs, entities that manage at least $100mm in Assets Under Management or more - the vast majority of the structured products business is dominated by large fund managers). It is the highest tier of investor "suitability" recognized by the SEC. It's their job to understand these products and they have armies of people for it. It can take weeks to "market" these transactions and plenty of opportunities to sit down with bankers and CLO managers to get smart on the space. There is also a ton of supporting technology and research, all of which is available for free on S&P, Moody's, Fitch, Kroll and Morninstar's websites. If you cannot sell this stuff to a QIB, who can you sell it to?