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  "notes": "The slide uses a flow-based visual to show how CLOs have become the dominant purchaser of non-investment grade loans.",
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      "text": "CLOs are a key avenue through which investors lend to companies... CLOs own 65% of all USD bank loans... When CLO formation is disrupted, credit is restricted.",
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      "text": "Note: Bloomberg and S&P / LCD as of March 31, 2022",
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