In the first few months of the year, refinancing consumed the CLO market as managers rushed to lock in cheaper funding. New deals were relatively scarce, in part because of the poor supply of new loans to use as collateral.

In May, this trend was reversed. The $9.8 billion of new collateralized loan obligations issued during the month was actually down from April's tally of $10.3 billion, according to Thomson Reuters LPC. But for the first time this year, it surpassed the $8.5 billion that was refinanced (21 deals) or reset (six deals).

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