Bank of America Merrill Lynch has arranged a $300 million CLO, surprising market participants who, after the worsening of the debt crisis overseas, weren’t expecting to see new CLOs for some time. In fact, other deals are in the works as well, sources say.

“CLOs are surfacing at a cautious pace,” said a New York-based banker. “So market players must think it’s a good time to test the water.”

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