With many bankers and issuers taking well earned rests over the July/August period, activity has been fairly slow on the European scene, but some deals have been launched and a few more were set to go as the ASRI went to press.

One company who came to market was AXA Investment Managers with a E455 million ($410 million) collateralized debt obligation. The deal, called Concerto 1, was arranged by Goldman Sachs and was backed by a portfolio of European high yield bonds (60%), European secured loans (20%) and U.S. high yield loans (20%).

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