Mariner sells CLO; American Capital, Neuberger refinance; Invesco on tap; spreads recover

By Cristal Cody

Eureka Springs, Ark., July 11 – Mariner Investment Group, LLC tapped the U.S. CLO primary market, while two CLO managers refinanced parts of vintage deals.

Mariner Investment Group priced a $503.4 million CLO transaction.

American Capital CLO Management, LLC refinanced $160 million of notes in a vintage 2013 deal.

Neuberger Berman Fixed Income LLC refinanced $183 million of notes in one tranche from a vintage CLO.

“There has been a recent uptick of U.S. CLO refinancings, with all three refinancings over the past two weeks involving tranches with step-ups,” J.P. Morgan Securities LLC analysts said in a note.

As previously reported, Carlyle Investment Management LLC refinanced $150 million of notes due Oct. 15, 2025 in two tranches in the Carlyle Global Market Strategies CLO 2013-4, Ltd./Carlyle Global Market Strategies CLO 2013-4 LLC deal.

The market has seen $1,007,000,000 of refinancings in five deals year to date, including $343 million in June, according to BofA Merrill Lynch Global Research. No CLOs were refinanced in April or May.

Looking ahead to new issuance, Invesco Senior Secured Management, Inc. is in the deal pipeline with a $408.4 million CLO offering.

In the secondary market, U.S. AAA CLOs tightened 5 basis points to end the previous week at the Libor plus 155 bps area, according to BofA Merrill Lynch.

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