Alcentra NY prices $441.7 million CLO; Sound Point plans second refinancing; AAA spreads flat

By Cristal Cody

Tupelo, Miss., July 15 – In new CLO issuance, Alcentra NY, LLC priced $441.7 million of notes in the manager’s first dollar-denominated deal of the year.

In other activity, Sound Point Capital Management LP plans a second refinancing of notes from a 2015 CLO offering.

In the secondary market, $560 million of BWIC bonds were traded last week with volume concentrated in senior CLO tranches, according to a BofA Merrill Lynch research note released on Monday.

“Bids for IG paper generally held firm, while demand for mezzanine paper, especially BBBs, felt slightly weaker,” the note said. “As we've noted, given expectations for lower Libor on Fed easing, CLO spreads could be challenged near term.”

AAA spreads were on average unchanged on the week at the Libor plus 115 basis points area, according to the report.

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