The early amortization of Sanwa Bank's $2 billion collateralized loan obligation has yet to trigger much pause to what has been a breakout market, as the CLO sector continues its white-hot pace with over 30 deals awaiting ratings and hoping to close before year end.

Eileen Murphy, managing director of structured finance and derivatives at Moody's Investors Service, expects $15 billion in CBO/CLO volume to hit the market before 2000. "We're looking at over 70 names right now," Murphy said.

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