Morningstar Credit Ratings’ Greg Haddad offers insights on the CRE CLO resurgence. : One of the notable changes in the post-financial crisis market is the rise of commercial real estate collateralized loan obligations (CRE CLOs). Although many view CLOs as simply a new version of pre-crisis CDOs (collateralized debt obligations), there is no denying the surge in recent activity. According to Commercial Mortgage Alert, an industry newsletter, CRE CLO issuance nearly doubled last year from $7.7 billion in 2017 to $14.3 billion in 2018.