The Covid-19 pandemic and the subsequent worldwide economic slowdown have exposed the fragility of the financial sector, among others. This article argues that the seeds of this fragility, while being exposed by the pandemic, were sown earlier, in the post-2008 years, through the revived synergy of three elements of the financial system: private equity firms ascending the role of ultimate intermediaries in the system of private debt creation; leveraged loans becoming the new asset class that replaced what mortgages represented in the pre-2008 years; and collateralised loan obligations (CLOs) which in some ways replicated the function of CDOs as mechanisms of private debt creation. This article explains this phenomenon, analysing in particular how CLO structures morphed during the last decade and how this new transactional innovation facilitated a return to dangerous levels of leverage. As of 2019, the level of CLO issuance neared $120bn in the US, whereas in the EU they were close to Euro30bn. While the IMF warned at the end of 2019 about the dangers associated with the increasing levels of corporate leverage, confidence in the banking system was reiterated, largely due to the alleged safeness of CLOs, and particularly the capacity of these transactional structures to shift risks away from systemic banks. This article provides some clarity on these apparently contrasting statements, drawing inter alia some parallels with the crisis of 2008.

中文翻译：

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迎接新的私人债务机器：私募股权、杠杆贷款和抵押贷款义务

Covid-19 大流行和随后的全球经济放缓暴露了金融部门等的脆弱性。本文认为，这种脆弱性的种子虽然被大流行暴露，但在 2008 年之后，通过金融体系三个要素恢复的协同作用，早早播下了：私募股权公司提升了最终中介机构的角色私人债务创造系统；杠杆贷款成为新的资产类别，取代了 2008 年前的抵押贷款；抵押贷款义务（CLO）在某些方面复制了 CDO 作为私人债务创造机制的功能。这篇文章解释了这个现象，特别分析了 CLO 结构在过去十年中如何演变，以及这种新的交易创新如何促进回到危险的杠杆水平。截至 2019 年，美国的 CLO 发行量接近 1200 亿美元，而欧盟则接近 300 亿欧元。尽管 IMF 在 2019 年底就与企业杠杆水平上升相关的危险发出警告，但人们重申了对银行体系的信心，这主要是由于 CLO 的安全性，尤其是这些交易结构转移风险的能力来自系统性银行。本文对这些明显相反的陈述进行了一些澄清，特别是与 2008 年的危机有一些相似之处。而在欧盟，它们接近 300 亿欧元。尽管 IMF 在 2019 年底就与企业杠杆水平上升相关的危险发出警告，但人们重申了对银行体系的信心，这主要是由于 CLO 的安全性，尤其是这些交易结构转移风险的能力来自系统性银行。本文对这些明显相反的陈述进行了一些澄清，特别是与 2008 年的危机有一些相似之处。而在欧盟，它们接近 300 亿欧元。尽管 IMF 在 2019 年底就与企业杠杆水平上升相关的危险发出警告，但人们重申了对银行体系的信心，这主要是由于 CLO 的安全性，尤其是这些交易结构转移风险的能力来自系统性银行。本文对这些明显相反的陈述进行了一些澄清，特别是与 2008 年的危机有一些相似之处。