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CLO issuance raced ahead this week, as managers rushed to bring their deals before the summer lull, spurred on by demand from investors for leveraged credit.

Axa Investment Managers has begun marketing the third offering in its Jazz programme, an innovative hybrid CDO arranged by Merrill Lynch.

The club of Russian RMBS issuers will shortly welcome a new member after Greenwich Financial Services and Moscow Narodny Bank began marketing a $73.9m securitisation of residential mortgages for CityMortgage Bank. The firm is a specialist bank based in Moscow and set up in late 2003 by Russian insurance group Rosgosstrakh's president Danil Khachaturov. Moscow Narodny Bank provided a warehouse, originally of $50m and now upgraded to $75m. MNB has since syndicated half of the warehouse to Raiffeisen Bank, which is the backup servicer.

Bank of America is due to price Harbourmaster Pro Rata CLO 6, Harbourmaster Capital's second CLO of pro rata participations. This is the third pro rata CLO to hit the European market, following Harbourmaster Pro Rata CLO, which was arranged by ABN Amro and Bear Stearns, and Mizuho CIB's Harvest CLO, arranged by Merrill Lynch. Both deals were priced in May this year.

Paragon Mortgages priced its largest transaction to date last Friday, a £1.5bn securitisation of UK buy to let mortgages, lead managed by Barclays, Deutsche Bank and HSBC.

Farringdon Mortgages No 1, the debut transaction from Bear Stearns non-conforming lender Rooftop Mortgages, has drawn on its reserve fund for a second time to meet interest payments to bond holders. Losses increased more than threefold since the last interest payment date in April, reaching £422,772.

Eurohypo this week launched its first securitisation of French property, with Commerzbank joining the bookrunning team for the first time since it took over Eurohypo in 2005. Citigroup and Commerzbank were joint leads.

Fitch Ratings has formally launched its market risk analytics platform for credit derivatives, a tool the agency argues will bring price transparency to the illiquid and opaque synthetic CDO market.

Credit Suisse, Bank of America and Wells Fargo have been tapped to lead syndication of an $850 million credit facility to back the leveraged buyout of Petco, according to a Securities and Exchange Commission filing.

CB Richard Ellis has cut 125 basis points from interest payments after upgrades from Moody's Investors Service and Standard & Poor's; Moody's rated the senior debt Ba1 and the senior subordinated debt Ba2, and S&P assigned BB+ and BB- ratings.

Rexnord Corp.'s upsized term loan broke at 100 1/8 and traded up to 100 1/4, but dealers said trading was fairly inactive.

Agricore United will fund an acquisition of a Texas-based feed manufacturing business and refinance existing debt with a new C$150 million term loan led by Scotia Capital.