Bain Capital's European collateralised loan obligation (CLO) defaulted for the first time in 18 years, as Fitch downgraded its most junior tranche to 'default'. The structures of CLOs were revised after the 2008 financial crisis to prevent its repeat, Bull Theory reported. Fitch downgraded the tranche after the note returned ₹80 crore to holders instead of the ₹121-crore par value.