PineBridge, Guggenheim in market; Barclays eyes volume drop; CLO secondary spreads mixed

By Cristal Cody

Tupelo, Miss., Nov. 6 – PineBridge Investments LLC tapped the U.S. CLO market with $411.2 million of notes in the Galaxy XXI CLO Ltd./Galaxy XXI CLO LLC deal.

In Europe, Guggenheim Partners Europe Ltd. priced €406.5 million of notes due Nov. 16, 2028 in its first euro-denominated CLO deal via Citigroup Global Markets Inc., according to a market source.

The Cork Street CLO Designated Activity Co. offering included €127.3 million of class A-1A senior secured floating-rate notes (Aaa//AAA); €112.7 million of class A-1B senior secured step-up floating-rate notes (Aaa//AAA); €15.65 million of class A-2A senior secured floating-rate notes (Aa2//AA); €26.35 million of class A-2B senior secured fixed-rate notes (Aa2//AA); €24 million of class B senior secured deferrable fixed-rate notes (A2//A); €21 million of class C senior secured deferrable fixed-rate notes (Baa2//BBB); €26 million of class D senior secured deferrable fixed-rate notes (Ba2//BB) and €53.5 million of subordinated notes.

Oak Hill Advisors (Europe), LLP was in the European market also with the €415.8 million Oak Hill European Credit Partners IV Designated Activity Co. deal via Goldman Sachs & Co.

Year to date, 84 managers have priced $86.4 billion of new broadly syndicated CLOs, compared to $104.4 billion from 99 managers in the same period last year, according to a Wells Fargo Securities LLC report on Friday.

Barclays Bank plc analysts said on Friday they estimate $70 billion to $80 billion of new CLO issuance in 2016.

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