...Sixty-five U.S. CLOs issued $36.9 billion of notes and equity in the second quarter, making it the most active quarter for new CLO issuance on record. The first half of 2014 has now seen $57.6 billion from 105 CLOs price. New issue stated spreads on senior notes averaged 147 bps over LIBOR during the quarter, compared with 150 bps over LIBOR in the first quarter of 2014. Initial spread tests were also set at tighter levels of 374 bps on average, compared with 379 bps in first-quarter 2014. Credit enhancement for senior notes remained stable at an average of 37.5%, compared with a first-quarter 2014 average of 37.7%. Additionally, $2.0 billion from four middle-market CLOs were issued....