CLOs in particular are likely to remain at the forefront of that activity, supported by strong loan supply (mostly through refinancings rather than M&A supply), CLO refinancings and relative value in the capital stack. As we noted in the whitepaper we published last week (An introduction to global CLOs), we see CLOs as consistently offering one of the most attractive risk-return profiles in global fixed income. This is partly down to the fact that CLOs historically tend to offer material excess spread compared to similarly rated alternatives, or, as in the NORIA example above, similar spreads to lower rated alternatives.