The CLO industry is fighting to the bitter end, but there is unlikely to be any relief from rules taking effect at year's end requiring them to keep skin in the game of their deals.

Speculative grade companies and their investors are pushing for relief on two fronts: in Congress and in the federal courts. Neither looks too promising at this point, according to Meredith Coffey, executive vice president of the Loan Syndications & Trading Association.

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