The unexpectedly strong pace of collateralized loan obligation issuance in April has prompted S&P Global Ratings to increase its forecast for the year as a whole.

A total of $10 billion in CLOs backed by either broadly syndicated corporate loans or loans to middle market companies were printed in April, making it the busiest month so far this year. S&P now expects full–year issuance to reach $75 billion, up from its previous forecast of $60 billion.

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