Analysts warn on softer spreads, as Deutsche tees up Tralee III

As Deutsche Bank continues preparing new CLOs for Par-Four Investment Management and Crescent Capital, the US CLO market seems impervious to the summer slowdown that is taking hold in other securitized products. But increased issuance this year could come at the cost of softer spreads in the higher reaches of the capital stack unless the investor base deepens, said analysts.