Introduction
Five years ago, I wrote an article noting the arrival of Eagle Point Credit (ECC) to the closed end fund world, where it became only the second fund focused on buying equity in collateralized loan obligations (CLOs). CLOs, of course, are securitized vehicles ("virtual banks") that purchase large senior secured corporate loans to multinational companies that are syndicated by the major banks (JPMorgan, Bank of America, Citibank, Credit Suisse, etc.) For more background on CLOs, see this article and other articles referred to in it about Oxford Lane Capital (OXLC),