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Collaterised Loan Obligations
Listing at LuxSE

Collaterised Loan Obligations

Luxembourg has established itself as a leading European centre for Collateralised Loan Obligations (CLOs) in recent years. Thanks to a robust regulatory framework, innovative listing solutions and global investor reach, Luxembourg continues to attract CLO issuers and fund managers seeking efficiency, credibility and a smooth access to capital markets. 
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 list CLOs in Luxembourg
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Record CLO issuance
The European CLO market experienced a record issuance in 2024, reaching its highest issuance volume since 2021 – A clear sign of renewed investor confidence in and growing demand for structured products.
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Catering to different product strategies
Luxembourg allows active risk management for debt assets and offers flexible compartmentalisation and a broader range of corporate forms – Making it well-suited for CLO structures.
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Attractive legal framework
Luxembourg’s Securitisation Law provides an innovative & robust framework for structured instruments, with passporting capabilities that enable seamless cross-border access across the EU under the AIFMD and UCITS directives.
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Efficient listing and market access
The Euro MTF Specialist Securities Segment (EM3S) provides a tailored listing solution especially designed for sophisticated instruments like CLOs, protecting issuer know-how, while unlocking benefits for investors.
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. 

Tailored for professional investors, EM3S features adapted and lower levels of initial disclosure requirements, ensuring a streamlined admission process. Disclosure obligations are less stringent and specifically aligned with the needs of professional market participants. Information submitted will not be made publicly available but strictly limited to professional investors.  This new segment combines investors’ need for information and issuers’ need to protect commercially sensitive information about their distinctive financial instrument. 
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. 

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Competitive listing fees

LuxSE offers a dedicated and cost-effective fee schedule specifically for CLO transactions. To qualify, the CLO must be actively managed, meaning a CLO manager is responsible for selecting, buying and selling the underlying leveraged loans within the portfolio.

This fee covers the approval, listing and ongoing maintenance of all securities issued under a single vehicle.

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Contact our experts
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Carlo Oly
Regional Head Western & Northern Europe
+352 47 79 36 227
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Ronny Alf
Product Manager
+352 47 79 36 229
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Always in motion
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Always in motion