Data from JPMorgan suggests investors who sold their positions in CLO equity tranches during the crisis missed out on returns of 20% or more. This realization is fueling demand for the junior-most tranches in collateralized deals and lighting a fire under the market for what many consider to be "exotic" financial instruments. At $23B through mid-March, CLO issuance is on pace to break the previous quarterly record of $26B set in early 2007. What risk?