Bank of America stated that in a recent stress test conducted by an industry institution, insurance companies may purchase more top-rated mortgage-backed bonds. According to the recent test results released by the British Insurance Association, Morgan Stanley strategist Pratik Gupta wrote in a report on September 20th that CLOs repackaging loans into bonds of different risks and sizes is expected to grow by about 70% year-on-year, which should increase the demand for these bonds by insurance companies. The impact on other lower-rated CLO bonds is less noticeable. For example, the results of BBB-rated bonds are mixed, with significant differences in bonds from different managers and years.