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CLO primary, reset markets busy; Octagon, MidOcean refinance CLOs; spreads soften
By Cristal Cody
Tupelo, Miss., June 18 – CLO primary and refinancing action remains strong with several managers in the primary market on Friday.
CLO managers including CIFC Asset Management LLC, Sound Point Capital Management LP, Palmer Square Capital Management LLC and Alcentra NY, LLC priced CLOs on Friday, according to a BofA Merrill Lynch report released Monday.
Final pricing details were not immediately available.
In the refinancing space, Octagon Credit Investors, LLC priced $470 million of notes in a refinancing and reset of a 2016 CLO.
MidOcean Credit Fund Management LP sold $524.8 million of notes in a refinancing and reset of a vintage 2014 deal.
New issue spreads and secondary spreads have softened on the heavy refinancing pace, BofA Merrill Lynch analysts said in the note.
Several CLO managers are focusing on refinancing CLOs this year, according to first-quarter earnings calls highlighted in the BofA Merrill Lynch note.
CLO equity investor Eagle Point Credit Co. Inc. commented on its call “that it had a ‘robust pipeline of future resets under evaluation,’” according to the note.
In new issue action on the calls, Carlyle Group LP commented that it is on course to issue about $4 billion of new CLOs in 2018, while Och-Ziff Capital Management Group said it has a robust CLO pipeline.
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