Chenavari brings euro CLO; August issuance tops €1 billion; Silvermine taps U.S. market

By Cristal Cody

Tupelo, Miss., Aug. 12 – CLO issuance for August rose to more than €1 billion following a €308 million deal from Chenavari Credit Partners LLP, according to a market source on Tuesday.

The subsidiary of London-based Chenavari Financial Group Ltd. brought the AAA-rated tranche of notes at Euribor plus 140 basis points in the Toro European CLO 1 Ltd. transaction.

Deutsche Bank AG, London Branch arranged the offering.

The CLO transaction is the third euro-denominated deal to price month to date.

More than €9 billion of European CLOs have priced year to date, according to data compiled by Prospect News.

Market analysts forecast €10 billion to €15 billion of European CLO issuance for the year.

In the U.S. primary market, Silvermine Capital Management LLC sold $413 million of notes due Oct. 15, 2026 in the Silver Spring CLO Ltd./Silver Spring CLO LLC deal.

The CLO priced the $258 million AAA tranche at Libor plus 153 bps.

Barclays was the placement agent.

In other new issuance, Angelo, Gordon & Co., LP priced the Northwoods Capital XII Ltd./Northwoods Capital XII LLC deal via Goldman Sachs & Co., according to a market source. MJX Asset Management LLC brought the $618.2 million Venture XVIII CLO, Ltd./Venture XVIII CLO LLC transaction via RBC Capital Markets, LLC, a source said. Final pricing details were not available by press time.

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