Carlyle prices $559.4 million notes in manager’s second CLO deal; secondary active

By Cristal Cody

Tupelo, Miss., June 20 – Carlyle CLO Management LLC priced $559.4 million of notes in the manager’s second new dollar-denominated broadly syndicated CLO offering of 2019.

The CLO manager priced the class A-1 notes at Libor plus 128 basis points, 4 bps tighter than where it placed the class A-1a tranche in its first new deal of the year, the Carlyle US CLO 2019-1 Ltd./Carlyle US CLO 2019-1 LLC transaction issued on April 1.

Year to date, about $50 billion of dollar-denominated broadly syndicated CLOs have priced, according to market sources.

Meanwhile, in the securitized secondary market, prices declined for non-high-grade CBO/CDO/CLO issues in the previous session.

The average trading price for high-grade securities on Wednesday was 99.50, according to Trace data.

Non-high-grade CBO/CDO/CLO issues had an average 76.10 trading price.

Secondary market volume on Wednesday included $362.11 million of high-grade CBO/CDO/CLO issues and $164.38 million of lower-rated issues.

In its deal, Carlyle CLO Management priced $559.4 million of notes due July 25, 2032 in the new Carlyle US CLO 2019-2 Ltd./Carlyle US CLO 2019-2 LLC transaction, according to market sources.

The CLO sold $352 million of the class A-1 floating-rate notes at Libor plus 128 bps.

BofA Securities, Inc. was the placement agent.

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