Sound Point, Invesco, Apex, CSAM, Alcentra, Carlyle price; U.S., euro CLO spreads tighten

By Cristal Cody

Eureka Springs, Ark., July 18 – The CLO primary market is heating up post-Brexit in the U.S. and European markets, while spreads also are stronger in the secondary market, according to sources on Monday.

Sound Point Capital Management LP priced $722.5 million of notes in one of the largest offerings of the year.

Invesco RR Fund, LP placed a $408 million CLO deal.

Apex Credit Partners LLC brought $353.5 million notes in the JFIN CLO 2016 Ltd./JFIN CLO 2016 LLC offering.

Also, Credit Suisse Asset Management, LLC sold $814 million of notes in the Madison Park Funding XXI Ltd. transaction. Final pricing details were not available by press time.

In addition, Carlyle Investment Management LLC refinanced a $155 million tranche from a vintage 2014 CLO.

In the European primary market, Alcentra Ltd. priced €414.5 million of notes due 2029 in the Jubilee CLO 2016-XVII BV transaction via Morgan Stanley & Co. International plc. Final pricing details were not available by press time.

The U.S. CLO market continued to rally post-Brexit with 3.0 spreads tightening 5 basis points to 25 bps across the capital structure over the past week, J.P. Morgan Securities LLC analysts said in a note.

“This could be a result of investors putting idle cash to work, with investor cash positioning at the highest levels since 2012,” the analysts said.

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