"No matter how cynical you get, it is impossible to keep up." -Lily Tomlin.

So went the year 2008 in the middle-market (MM) CLO space: each time prognosticators predicted that the bottom was near, conditions took a turn for the worse and the MM CLO market sank deeper still. MM CLO issuance, significantly down in the latter half of 2007, all but completely dried up in 2008.

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