The current shutdown of the European leveraged loan market, after a glimpse of better times earlier this year, has prompted some to fret, once again, about a barrage of loan maturities coming due just as many of Europe's CLOs come to the end of their reinvestment period.

"In 2014 and 2015 there is a concentration of leveraged loans maturing at a time when a significant batch of existing CLOs are-according to their governing documents-unlikely to be able to offer fresh finance," Standard & Poor's analysts wrote in a recent report. "We expect the potential concerns surrounding refinancing are likely to be further exacerbated by other pressures in the CLO market and by the general refinancing difficulties currently existing in the global capital markets."

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