New Asset Class • Powered by MUseQ®

The First CMLO®.
The Last Credit Standing.

Pioneering solution, sustainable growth.

MUseQ® identified the arbitrage. The CMLO® is the instrument engineered to capture it. What CLOs did for corporate loans, CMLO® does for municipal infrastructure — with stronger structural protections and measurable spread arbitrage that only MUseQ® can identify and price.

The 2GenPen Trust - One Intelligence. Every Credit.

The Chicago Municipal Device

The Chicago Rising CMLO® Trust

Collateralized Municipal Loan Obligations
Powered by MUseQ®

Proof of Concept

Chicago Rising CMLO® Trust I

The first structured application of MUseQ® credit intelligence to a major U.S. municipal credit.

The Trust provides solutions for municipal issuers. which utilize patented, credit positive, rating agency tested financial architecture that adheres to the highest standards of independently verified mathematical and statistical analysis.

City Sponsored Trusts

Comprised of diverse intra-city credits

State Sponsored Trusts

Comprised of multiple municipal credits within each state

Inter-municipality Trusts

Comprised of municipal credits drawn from across the United States

Secondary Market Trusts

Comprised of targeted credits trading on the secondary market

We provide full turnkey service

We design issuer specific Trust; privately place municipal credits onto our platform; sell Trust securities to investors.

Consulting services

Develop Trust for implementation on 3rd party platforms, providing consultation for interested parties in developing structured finance securitization opportunities for municipal issuers

Technology leasing service

Making our proprietary, patented financial architecture available to the public finance community for creative, independent use.

Chicago Rising CMLO® Trust I

CLOs built a $1.2T market in 35 years. CMLO® starts with $4T.

CLO CMLO®
  • Mature market — 30+ years, fully institutionalized
  • Private leveraged corporates — exist to generate profit
  • High correlation to corporate credit cycles 11 defaults (A-rated, 2009–2023)
  • Spreads fully compressed — 400+ managers competing
  • ESG compatibility weak — LBO-related collateral excluded by many mandates
  • Nascent market — opacity premium intact, first-mover advantage
  • Municipalities and public authorities — cannot cease operations
  • Near-zero correlation to corporate credit cycle
  • Zero defaults (A-rated munis, same period, same rating)
  • Wide open arbitrage — compression begins as MUseQ® adoption grows
  • Strong ESG alignment — schools, utilities, transit, healthcare

"I would much rather invest in the muni, both in terms of default rates and in terms of the yield."

Beyond Municipal Credit
CMLO® is only the beginning.

2GenPen’s patented platform was designed to analyze credit risk across multiple asset classes. Building on the success of CMLO®, we are developing CSLO™ (Collateralized Sovereign Loan Obligations) to bring the same structural intelligence and valuation framework to sovereign and quasi-sovereign credit markets worldwide.

From municipal enterprises to sovereign enterprises, the future of credit valuation is built on one platform.

The 2GenPen Trust is transformative financial architecture.

Financial architecture organically placed at the structural center point between heretofore segregated asset classes in order to reveal the true quality and pricing strength of public finance related credits. 

One Intelligence. Every Credit.
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