Despite synthetic balance sheet collateralized loan obligations by Australian banks being a relatively new asset class, widespread demand caused ANZ Bank last week to double the size of its debut CLO from A$1 billion ($753.5 million) to A$2.2 billion.

With A$2.145 billion of the notes sold publicly - ANZ retained the 2.5% first loss piece - the transaction was the largest domestic capital market placement of any type by an Australian borrower.

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