Strong investor demand for cash flow and synthetic CDOs

Dollar volume issuance up 118.7% in U.S. and 122.9% in Europe



• U.S. saw growth in cash flow sector
  • Driven by high-yield Collateralized Loan Obligations and Collateralized Debt Obligations (CDOs) of asset-backed securities transactions
  • Hybrid transactions drove synthetic issuance
• Europe: Strong investor appetite for cash CDOs
  • Increasing number of deals in Europe coming from U.S.-based managers targeting more attractive spreads

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