JP Morgan Chase, Bank of America and Citigroup are offering new collateralized loan obligations (CLOs) following a record rally this year in the debt, Bloomberg reports. The highest-rated portions of CLOs have climbed to 89 cents on the dollar from a record low of 69 cents in April, according to Morgan Stanley data.

New CLO sales may help companies refinance $1.5 trillion of high-yield loans and bonds maturing by the end of 2014. Wells Fargo & Company has arranged a $275 million CLO with Guggenheim Partners as lead investor.

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