...Fifty-six U.S. CLOs issued $27.7 billion of notes and equity in the fourth quarter, bringing 2014 issuance to $116.2 billion from 216 CLOs priced. This total exceeds the previous record of $92.6 billion issued in 2007 and last year's $80.2 billion of issuance. New issue-stated spreads on senior notes widened during the fourth quarter to an average of 153 bps over LIBOR compared with 148 bps over LIBOR in third-quarter 2014. Initial spread tests remained steady at 376 bps on average compared with 373 bps in third-quarter 2014. Credit enhancement for senior notes dipped slightly to an average of 37.0% compared with a third-quarter 2014 average of 37.1%. Additionally, $1.9 billion from five middle-market CLOs were issued during the quarter, driving 2014 middle-market CLO issuance to hit $6.3 billion from 15 CLOs....
