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The $800 billion U.S. leveraged-loan market is losing mutual-fund investors just as it’s about to need them more than ever.

Regulators are approving new rules this week making it more expensive to create funds that are the biggest source of demand for the below-investment-grade debt: collateralized loan obligations (CLOs). Managers of the funds will be required to retain 5 percent of the debt they package or sell, or banks underwriting CLOs will have to hang on to a piece.

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