Expects to see AA and A middle-market (MM) CLO paper tighten back to the L+100 and L+190 areas from current levels of L+115 and L+200, respectively.  Currently MM CLOs are some of the cheapest new issue assets available in the CDO market compared to traditional CLO and historical MM CLO levels.  There is also an excellent opportunity for sophisticated investors to take advantage of distressed senior CBO paper in the market and reap the benefits of first priority structures backed by the aforementioned troubled underlying credits.

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