Dick D'Addario, senior portfolio manager at the New York-based investment firm Avenue Capital Group, and his colleagues have just closed a new $500 million collateralized loan obligation (CLO), their company's third such vehicle thus far.

After launching Avenue's CLO business in the middle of 2004, the Avenue team, in conjunction with Bear Stearns, has managed to put together and price a series of CLOs in quick succession. Yet D'Addario is the first to admit that being in the CLO business is not an easy game these days, even for those managers who can get their hands on new paper in what continues to be a tight and very competitive loan market.

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