CLO debt avoids sell-off as issuance slows
US CLO managers have slowed the pace of primary issuance in recent weeks, helping to firm up secondary market debt spreads while other credit markets suffered a sell-off.
Tight arbitrage and fears of oversupply in September prompted some managers to push back their fourth quarter issuance to next year, according to Wells Fargo analysts on Monday.JP Morgan analysts said that weekly volumes over the past four weeks have been $1.7bn, down from the year to ...
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