Antares sells $2.11 billion; GSO/Blackstone prices; Sound Point refinances; spreads steady

By Cristal Cody

Tupelo, Miss., April 24 – Two CLO managers priced new CLOs, while another refinanced its fifth CLO of the year.

In new issuance, Antares Capital Advisers LLC priced an upsized $2.11 billion of notes in a debut middle-market CLO.

In the broadly syndicated primary market, GSO/Blackstone Debt Funds Management LLC sold $514.6 million of notes.

About $20 billion of new U.S. CLOs have priced year to date, while nearly $5 billion of middle-market CLOs have priced in 2017, according to market sources.

The CLO refinancing space also continues to remain strong. More than $66 billion of U.S. CLOs have been refinanced year to date, sources report.

Sound Point Capital Management LP priced $370.75 million of notes in a refinancing of a 2013 CLO. The transaction is the CLO manager’s fifth refinanced deal of the year.

“April has seen 35 refinancing transactions totaling $16.6 [billion] so far,” according to a BofA Merrill Lynch note released on Monday. “There is still a large universe of 2013/2014-vintage deals that have not been refinanced yet.”

U.S CLO secondary trading was light over the past week with a little more than $300 million of bonds up for bidding on BWIC lists, according to the BofA Merrill Lynch note.

CLO spreads ended Friday flat across the stack, except for BBs, which were 15 basis points wider on the week at Libor plus 625 bps, the BofA Merrill Lynch analysts said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.