Seix, CVC, GC Investment lead U.S. CLO pricing action; Banco Santander brings Spanish CDO

By Cristal Cody

Tupelo, Miss., May 19 – Primary action in the CLO market remains moderately steady with new U.S. dollar- and euro-denominated deals, according to market sources on Tuesday.

Seix Investment Advisors LLC priced a $565.5 million CLO offering.

CVC Credit Partners, LLC brought a $512.9 million deal.

GC Investment Management LLC raised $458,325,000 in a broadly syndicated CLO transaction.

“U.S. supply volume has slowed over the past three weeks averaging $1.7 billion per week compared to the $2.9 billion weekly average from February to April,” J.P. Morgan Securities LLC analysts said in a market note. “The pickup in loan issuance is easing some of the pressure on CLO warehousing and ramp-up.”

In other market action, Banco Santander SA priced €3,753,800,000 of pass-through certificates in a deal backed by loans to small and medium-sized enterprises and self-employed individuals in Spain.

Seix Investment Advisors priced $565.5 million of notes due 2027 in a CLO offering, according to a market source.

Mountain View CLO 2015-1, Ltd./Mountain View CLO 2015-1, Corp. sold $326.4 million of class A-1A floating-rate notes at Libor plus 146 basis points at the top of the capital structure.

Citigroup Global Markets Inc. was the placement agent.

Seix Investment Advisors will manage the CLO.

The CLO manager priced one broadly syndicated CLO in 2013 and one deal in 2014.

The Upper Saddle River, N.J.-based firm is indirectly owned by SunTrust Banks Inc.

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