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KKR Financial Corp. has begun borrowing on a warehouse facility for its second collateralized loan obligation that it expects will be approximately $1 billion.

M.D. Sass may add up to about $35 million in collateralized mortgage obligations backed by discount 15-year mortgages with a 3.5% coupon.

This chart, provided by Citigroup Global Markets, tracks bid-ask prices for par credit facilities that trade in the secondary market.

The Philadelphia Trust Co. may buy up to $60 million in 10-year and longer paper, with the majority in Treasuries and agencies, should 10-year rates back up to 4.25%.

T. Rowe Price, Deutsche Bank Private Wealth Management and the Phoenix Companies are among the investors moving assets out of the taxable market and into the municipal bond market to eke out extra returns.

The Bond Market Association believes potential conflicts of interests pose the most pressing challenges to the Securities and Exchange Commission's objective to clearly define just what it means to be a nationally recognized statistical rating organization.

Josh Rezak, associate director at Fitch Ratings, commenting on INVESCO Senior Secured Management's Avalon Capital CDO.

BlueBay Asset Management in London is looking for pockets of volatility from now through the end of summer to put money to work in high-yield bonds.

--Sid Bakst, senior portfolio manager and head of corporate credit instruments at Weiss, Peck & Greer, on the how volatility in the credit markets is creating opportunities.

Market Value CDOs: A Snapshot