Two new CLO deals were marketed in Europe last week, and one deal closed on the public market. However, market sources said that the activity of the past weeks still doesn't offer a definitive direction as to where pricing will settle.

The new CLOs, Avoca 9 and Harbourmaster II, are worth a combined 704 million ($1.08 billion) and are believed to be the first arbitrage deals to have hit the market since the credit crisis erupted last summer.

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