According to the Financial Times, Deutsche Bank sold at a discount and lowered a $2 billion CLO that "referenced" more than 10 other halted CLO deals. Credit Suisse also sold a $1.7 billion CLO deal comprising six loan "warehouse"-type managers. Other banks may follow suit. After taking losses, it's time to move inventory. The really novel element in these sales is the use of six managers. Each manager will look after its portion of the combined portfolio, which were trenched out as normal. It's as if you need that many managers to cobble together a viable issue right now. Overall, the staples of the new market may be deals at about 98 percent of par, steeply discounted fees, and multiple managers. If the market truly returns, it will be interesting to see how fast these novel elements are abandoned.

For more:
- here's the Financial Times article