Collateralized loan obligations, particularly those backed by middle-market borrowers, are a growing opportunity for investors, according to Crescent Capital Group. “You have to work really hard to blow those structures up,” said John Fekete, the company’s head of tradeable credit, speaking of CLOs generally. Middle-market deals will make up a “larger and larger percentage of CLO issuance,” he tells Bloomberg News’ James Crombie and Bloomberg Intelligence’s Jody Lurie in the latest episode of the Credit Edge podcast. We also discuss leveraged loan relative value, the outlook for US consumers and casinos, tariff damage and the impact of liability management exercises.