With only $16 billion in issuance in January, the U.S. market for new securitizations fell by $2 billion from December and is less than half of the new structured finance supply from January 2015, according to a Standard & Poor’s.

In its monthly structured finance report, S&P said new deals for asset-backed securities, commercial- and resident-backed mortgage securities and collateralized loan obligations have been constrained out of the gates. The report cites economic volatility of fallen oil and gas price and concerns over global economic activity, along with market uncertainty over the Fed’s expected rate hikes this year, upcoming regulation and reduced bond liquidity.

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