Issuance of new U.S. collateralized loan obligations is likely to level off after ‘skyrocketing’ in the first quarter, according to Fitch Ratings.

New issue volume increased nearly five-fold in the first quarter to over $26 billion compared with $6 billion in the same period of 2012. But Fitch said much of the first quarter volume was the result of deals being pulled forward ahead of a Federal Deposit Insurance Corp. rule requiring banks to consider CLO investments among “higher risk” assets.

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