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Pace of CLO Issuance Surpasses 2011 Offerings, Wells Fargo Says

Sales of collateralized loan obligations, which finance buyouts and mergers, have tripled this year as investors seek out higher yielding assets even as Europe’s debt crisis has stalled the global economic recovery.

Seven deals were issued in June for a combined $3.2 billion, bringing this year’s total to $17 billion, according to a June 28 Wells Fargo & Co. report. Companies offered $5.9 billion of CLOs in the first six months last year and $12.9 billion in all of 2011, the report shows.