Despite the poor issuance level in the primary market for syndicated loans this year, the issuance of CLOs has remained fairly competitive. As of Oct. 30, Standard & Poor's had rated 29 CLOs, compared to 29 for the whole of 2001.

David Tesher, managing director and head of Standard & Poor's Fixed Income CDO/CLO group, expects the number of CLOs issued in 2002 to top out at 30.

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