Despite first-half CLO volume that bested 2011’s total and put issuance well beyond the midway point of even optimistic projections for this year, CLO market participants remain somewhat cautious about how many more deals the market can absorb in the second half.

True, the doors to the CLO primary market are as open as they’ve been since before the crisis, with $18.13 billion of CLOs printed year-to-date, according to Royal Bank of Scotland analysts, and a robust pipeline of new transactions in various stages of completion.

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