Few instruments have demonstrated resilience and adaptability like collateralized loan obligations (CLOs), which have now faced several downturns such as the Global Financial Crisis of 2008-2009 and, more recently, the COVID-19 pandemic. Their resilience and attractiveness as a floating-rate instrument in today’s rising rate environment has led to the European (EUR) and U.S. CLO investor bases broadening, as they continue to be a material source of funding for leveraged loans globally. While the overarching principles of CLOs remain consistent across the EUR and U.S. markets, a closer look reveals some nuances that differentiate EUR and U.S. broadly syndicated loan (BSL) CLOs.