NAF employment is considered federal employment. It is, however, different from federal civil service employment because the monies used to pay the salaries of NAF employees come from a different source. Civil service positions are paid for by money appropriated by Congress.
The genesis of the CBO (collateralized bond obligation) and CLO (collateralized. loan obligation) market occurred in the late 1980s with the repackaging of high-yield, speculative-grade bonds or loans into highly rated paper.
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