Why Collateralized Loan Obligations Are Getting Riskier. Collateralized Debt Obligation (CDOs): What It Is, How It Works. The Fed - Who Owns U.S. CLO Securities? - Federal Reserve. Demystifying Collateralized Loan Obligations | VanEck. Will the Banks Collapse? - The Atlantic. Collateralized Debt Obligations: Definition, Pros & Cons - Business Insider. What Are Collateralized Loan Obligations (CL..