In Part I of The Big Picture, Chris Whalen, chairman of Whalen Global Advisors, sits down with Ralph Delguidice, global macro strategist at Pavilion Global Markets, to break down the intricate world of collateralized loan obligations (CLOs). Delguidice and Whalen break down how CLOs work and the impact of COVID-19 on the CLO market. Both Delguidice and Whalen provide their perspective on Frank Partnoy’s recent article called “Will the Banks Collapse?” in The Atlantic. Then tomorrow in Part II, Chris Whalen and Jason New, co-CEO and head of opportunistic credit at Onex, break down the difference between the CDOs – that helped fuel the great financial crisis in 2008 – and CLOs today. New also explains how COVID-19 related defaults could impact the opaque asset class. Filmed in July 2020.