Collaterised Loan Obligations

The Luxembourg Stock Exchange (LuxSE) offers a simple, streamlined listing process and a cost-effective fee structure, making Collateralised Loan Obligation (CLO) transactions efficient from start to finish. From the initial warehouse phase to full CLO issuance, LuxSE supports your vehicle’s lifecycle at every step of the journey and allows you to keep commercially sensitive information undisclosed.

What are CLOs?

A Collateralised Loan Obligation (CLO) is a type of structured financial product that pools together a portfolio of loans, typically corporate loans, and then issues different tranches of securities backed by those loans. These securities are sold to investors, with each tranche representing different levels of risk and return. CLOs are primarily used by institutional investors as a way to gain exposure to corporate debt while diversifying risk across different borrowers. Unlike in standard securitisation, the CLO manager actively manages the loan portfolio to optimise returns and manage risks.

Why choose LuxSE for CLOs?

Flat fee structure

One-off EUR 6,500 fee per vehicle or compartment for eligible actively managed CLOs, covering listing & maintenance costs of all issued securities – enjoy a simple and predictable fee structure

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LuxSE’s global reputation

Widely recognised as the world’s leading exchange for international debt securities, LuxSE operates Euro MTF, the first and largest MTF in Europe

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Secure, efficient listing & market access

Reap the benefits of EM3S, a dedicated professional segment on Euro MTF specifically tailored for CLOs

Get started with EM3S

Powering CLO listings: The Euro MTF Specialist Securities Segment

The Euro MTF Specialist Securities Segment (EM3S) is a new bespoke listing solution by LuxSE designed to cater to specialised financial instruments such as CLOs, securitisation vehicles, Asset-Backed Securities (ABS) and structured investment products.

Discover the benefits

No prospectus approval

A prospectus is not required for listings on EM3S. Issuers provide the necessary information through the dedicated application form with no formal approval issued by LuxSE

Flexible approach to CSD registration

EM3S allows CLOs, including warehouse stage transactions, to be admitted in issuer- or registrar-maintained book-entry form, enabling faster listing and requiring CSD registration only if a trading market develops on-exchange

No documents published

No listing documents will be published by LuxSE, and information is provided by the issuer only on demand, ensuring investment strategies and other sensitive information remain confidential

Quoted Eurobond Exemption apply

Euro MTF is a MiFID-compliant multilateral trading facility and securities admitted on the platform are fully eligible for withholding tax exemptions in the UK

A preferred venue for CLO ETFs

LuxSE facilitates access to the CLO market for investors through a range of listed vehicles, including CLO-focused ETFs.

Investment managers such as Fair Oaks Capital and Janus Henderson Tabula, which both have brought their actively managed CLO ETFs to LuxSE, are expanding access to structured credit solutions for investors. Their presence in Luxembourg reflects growing market confidence in such products and reinforces the country’s position as the go-to venue for securitised instruments, offering both fund structuring and listing expertise in one place.

Contact our experts

Carlo Oly

Regional Head Western & Northern Europe

+352 47 79 36 227

Ronny Alf

Product Manager

+352 47 79 36 229

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