• SHARE

It was a situation that surprised many in the financial world: A low-key lender for Japanese farmers had somehow become the biggest buyer of a structured product known as collateralized loan obligations.

By 2019, Norinchukin Bank held about $70 billion (¥8 trillion) of the securities, roughly a fifth of the global market for the top-rated category. People were calling it the CLO whale.

In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.

SUBSCRIBE NOW

PHOTO GALLERY (CLICK TO ENLARGE)