Invesco prices €411.5 million CLO; Carlyle refinances $463.05 million; secondary active

By Cristal Cody

Tupelo, Miss., May 29 – Invesco European RR LP tapped the European primary market with a €411.5 million new broadly syndicated CLO offering in its second securitized transaction of the year.

CLO managers have priced about €10 billion of new euro-denominated CLOs year to date, according to market sources.

In other activity, Carlyle CLO Management LLC priced $463.05 million of notes in a reset of a 2015 dollar-denominated CLO transaction. The deal is the manager’s third CLO refinancing in 2019.

Elsewhere, in the secondary market, $259.8 million of high-grade CBO/CDO/CLO issues and $135.2 million of lower-rated securities traded on Tuesday, according to Trace data.

The high-grade securities had an average trading price of 99, while non-high-grade CBO/CDO/CLO issues traded with a 90 average price.

In the same period a week ago, $281.95 million of investment-grade issues traded with an average price of 99.30 and $238.21 million of non-high-grade CBO/CDO/CLO securities were traded with an average 81 trading price, data shows.

Invesco brings Euro CLO II

Invesco European RR priced €411.5 million of notes due July 15, 2032 in the CLO transaction on Tuesday, according to market sources.

Invesco Euro CLO II DAC priced €248 million of the class A floating-rate notes at Euribor plus 114 basis points.

Citigroup Global Markets Ltd. was the placement agent.

The deal is backed mostly by broadly syndicated first-lien senior secured corporate loans.

Invesco European is a New York-based fund manager and subsidiary of Invesco, Ltd.

Carlyle resets US CLO

Carlyle CLO Management priced $463.05 million of notes in a reset of the Carlyle Global Market Strategies CLO 2015-4, Ltd./Carlyle Global Market Strategies CLO 2015-4 LLC transaction, according to a market source and a notice of revised form of proposed second supplemental indenture on Tuesday.

At the top of the capital stack, the CLO sold $3.2 million of class X senior secured floating-rate notes at Libor plus 62.5 bps, $321 million of class A-1-R senior secured floating-rate notes at Libor plus 134 bps and $53.4 million of class A-2-R senior secured floating-rate notes at Libor plus 180 bps.

Citigroup Global Markets Inc. was the refinancing agent.

The maturity on the refinanced notes was extended to July 2032 from the original Oct. 20, 2027 maturity.

The original $509.1 million CLO was issued Nov. 30, 2015. In that offering, the 2015-4 CLO sold $321.6 million of the class A-1 senior secured floating-rate notes at Libor plus 153 bps and $55 million of class A-2 senior secured floating-rate notes at Libor plus 225 bps.

Proceeds will be used to redeem the outstanding notes.

Carlyle has priced one new dollar-denominated broadly syndicated CLO and three refinanced CLOs year to date. The CLO manager priced four dollar-denominated CLOs in 2018.

The asset management firm is an affiliate of Washington, D.C.-based Carlyle Group.

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