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CLO primary action forecast to slow; J.P. Morgan cuts Europe forecast; Ares, GoldenTree price
By Cristal Cody
Eureka Springs, Ark., June 28 – CLO primary volume, particularly in the European market, is expected to thin as the market absorbs the Brexit results.
J.P. Morgan Securities LLC analysts dropped their European CLO supply forecast to €10 billion for the year “in recognition of the uncertainty,” according to a note. The firm’s U.S. CLO 2016 volume forecast is unchanged at $35 billion to $45 billion.
“The CLO market has been on a roller coaster ride in 2016, with Brexit throwing a wrench into the works,” the analysts said.
In new issuance, details emerged on Ares Management LLC’s $510 million CLO transaction.
Also, GoldenTree Asset Management LP raised $410.95 million in a new deal.
Ares brings $510 million
Ares Management priced $510 million of notes in the Ares XXXIX CLO, Ltd. transaction, according to a market source.
The CLO sold $325 million of class A floating-rate notes at Libor plus 153 basis points in the senior tranche.
J.P. Morgan Securities LLC was the placement agent.
Ares CLO Management LLC will manage the CLO.
Ares Management priced five new CLO deals and refinanced one vintage CLO transaction in 2015.
The alternative asset management firm is based in Los Angeles.
GoldenTree prints XII CLO
GoldenTree Asset Management priced $410.95 million of notes due April 15, 2027 in the GoldenTree Loan Opportunities XII, Ltd. offering, according to a market source.
The CLO sold $245.2 million of class A-1 senior secured floating-rate notes (Aaa/AAA/) at Libor plus 153 bps at the top of the structure.
GreensLedge Capital Markets LLC was the placement agent.
GoldenTree Asset Management has priced one U.S. CLO deal and one euro-denominated CLO offering year to date.
The New York City-based private investment firm brought two U.S. CLO deals in 2015.
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