Although European CLO issuance picked up in March following new central bank quantitative easing efforts, volume still finished the first quarter with a 42% decline from the same period a year ago, according to Moody’s Investors Service.

Moody’s reported Tuesday that its volume of rated European collateralized loan obligations of broadly syndicated loans fell to €2.05 billion from the €3.5 billion from 1Q 2015. Deal count of Moody’s rated CLOs fell from 10 in the first quarter last year to 5 this year, which the ratings agency attributed to weak leveraged loans issuance, limited investor appetite and the widening of liability spreads.

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