As alluded to earlier, the liabilities of each CLO can have numerous major and subtle differences from each other. But a typical CLO will have about five or six tranches of debt and an equity layer. The ratings will range from AAA to an unrated equity tranche and the coupons of each layer of debt issued by the CLO will go up as the ratings go down. Note, with a typical CLO, the coupon on both the tranches of CLO debt and the assets1 will be floating rate, so movements in rates should not be an issue. Based on the recent cycle of issuance, many of the assets will have a LIBOR floor, so these assets may not “float” until a certain level of LIBOR is reached (or whatever benchmark is being used).