...Fifty-four U.S. CLOs issued $27.9 billion of notes and equity in the second quarter, on par with first-quarter issuance of $28.3 billion from 52 CLOs. New issue-stated spreads on senior notes averaged 147 bps over LIBOR during the quarter, tighter than the first-quarter average of 153 bps. The month of June claimed the highest volume of issuance as 25 deals priced $12.8 billion. Initial spread tests were set at 382 bps on average, compared with 380 bps in the first quarter. Credit enhancement for senior notes remained stable at an average of 37.0%, compared with 36.9% in the first quarter. The average initial weighted average life test increased to 8.2 years as 12 CLOs priced with nine-year or higher maximum average life tests. Additionally, $1.5 billion from four middle-market CLOs were issued....
