Barclays expects issuance of collateralized loan obligations in 2014 to be similar to this year’s total, in the range of $75 billion to $80 billion.

While risk retention rules on CLOs, expected to take effect sometime in 2016, could significantly curtail issuance past that date, Barclays expects that, in the meantime, CLO managers will look to grow the consistent stream of fees that these investment vehicles produce. In fact, the rules, which require sponsors to retain a 5% stake in CLOs, could pull issuance forward, analysts at the bank said in their weekly research publication, U.S. Credit Alpha.

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