First-time collateralized loan obligation (CLO) managers entered the game in droves in 2013, and participants expect this tend to continue in 2014, even if risk-retention regulation will make it more difficult for smaller firms to keep playing.

In fact, managers considering a shot at the market have just as much incentive as existing managers to pull issuance forward before the regulation—which requires sponsors to retain a 5% stake in CLOs—takes effect in 2016.

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