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The lack of issuance and supply over the last almost year or so, that's what makes the TIC data so fascinating. And relevant, if for other reasons, too. CLO issuance, according to a bunch of sources, peaked back last June. Remember that whole "recession scare" with the yield curve last summer? It wasn't just a scare, at least not in this one key segment of corporate credit.
In a way, it therefore perfectly describes the bigger picture since mid-2019. Serious concerns last year paving the way for an incredible shock this year. In terms of