CLO primary quiet; Credit Suisse Asset Management deal on tap; CLO liabilities widen

By Cristal Cody

Tupelo, Miss., Oct. 2 – CLO market activity headed out mostly quiet on Friday with primary action expected in the weeks ahead.

Credit Suisse Asset Management, LLC is slated to bring $819.25 million of notes due Oct. 22, 2026 in the Atrium XII/Atrium XII LLC offering.

“That’s pretty soon,” a source said.

Credit Suisse Securities (USA) LLC is the placement agent.

Eaton Vance Management also plans to price $408.23 million of notes due Oct. 20, 2026 in the Eaton Vance CLO 2015-1 Ltd./Eaton Vance CLO 2015-1, LLC deal, the company’s first CLO deal in 2015.

The offering includes $246 million of class A floating-rate notes (/AAA); $46.25 million of class B floating-rate notes; $34.35 million of class C deferrable floating-rate notes; $23.4 million of class D deferrable floating-rate notes; $18 million of class E deferrable floating-rate notes; $8 million of class F deferrable floating-rate notes and $32.23 million of subordinated notes.

Wells Fargo Securities LLC is the placement agent.

“Along with most risk assets, loans and CLOs have struggled amid the persistent macro volatility,” Barclays Bank plc analysts said in a note on Friday. “The loan market continued to sell off this week, with the performing loans index falling to $95.42 through Thursday, the lowest level in more than three years. CLO liabilities have widened as well, with differentiation on a deal-by-deal level based on manager and commodity exposure.”

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