Spire prices €216.95 million CLO; CBAM wraps euro deal; CSAM, Ballyrock price dollar CLOs

By Cristal Cody

Tupelo, Miss., July 7 – Spire Management Ltd. priced a new €216.95 million broadly syndicated CLO transaction as euro-denominated supply continues to see volume amid the pandemic climate.

Meanwhile on Tuesday, CBAM CLO Management Europe LLC closed on its previously reported €347.8 million Vendome Funding CLO 2020-1 DAC offering.

Vendome priced €210 million of class A floating-rate notes at Euribor plus 186 basis points in the AAA-rated tranche.

In other issuance, Credit Suisse Asset Management, LLC sold $398.9 million of notes in the manager’s first dollar-denominated CLO offering of 2020.

Also, Ballyrock Investment Advisors LLC priced $393.75 million of notes in its first CLO deal since 2019.

Year to date, about $35 billion of dollar-denominated CLOs and more than €10 billion of euro-denominated CLOs have priced.

Looking at the dollar-denominated secondary market, high-grade supply was steady on Monday with $225.61 million of CBO/CDO/CLO paper traded at an average 98.20, according to Trace data.

Also during the session, $54.96 million of non-high-grade CBO/CDO/CLO notes were traded at an average 88.50.

In trading ahead of the Fourth of July holiday, high-grade securitized paper averaged in the 96.40 to 97 range, while lower-rated issues traded in the 81.40 to 83.50 area.

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