We had just polished off our second helping of pumpkin pie last Thursday evening when the first (of what we assume will be many) “2015 Market Outlook” hit our in-box.

Always big supporters of the crystal ball crowd, we thought we’d begin our own prognostication series by sharing some of the contents of that forecast with you.

Its author, Wells Fargo’s Dave Preston, is a TLL friend and top CLO expert. His analysis is helpful, not only because CLOs still represent the largest share of the leveraged loan market, but also provide an excellent window into the behavior of the asset class itself. The study also encapsulates prospects for the overall market next year.

Let’s first take a look at some of his thoughts on coming attractions for CLOs:

CLO Volume: 2015 will be a good year for issuance, but not quite as robust as 2014, which will wrap up around $120 billion – a record (we’re at $115 billion). Call it $90 billion for next year. Impetus is locking in deals before risk retention rules take effect in 2016.