CLO market activity light; total global issuance year to date grows to nearly $60 billion

By Cristal Cody

Tupelo, Miss., May 26 – Activity in the CLO market was light on Tuesday following the previous week’s busy primary and secondary action and long holiday weekend, according to market sources.

In U.S. pricing action, PineBridge Investments LLC brought the Galaxy XX CLO Ltd./Galaxy XX CLO LLC transaction, according to a market source.

Goldman Sachs & Co. was the placement agent. Final pricing details were not available by press time.

CLO volume steady

U.S. CLO managers have priced more than $49 billion across 95 deals year to date, according to data compiled by Prospect News.

Market analysts forecast $90 billion to $110 billion of U.S. issuance for the year.

CLO issuance across the globe totals $59.7 billion priced in 108 deals in 2015, data shows.

Euro-denominated CLO issuance rose to nearly €10 billion across 13 deals following new transactions from Cairn Loan Investments LLP and Credit Suisse Asset Management Ltd. in the previous week.

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