Spreads wide of last week in CLO primary; market eyes MJX Asset Management repricing

By Rebecca Melvin

New York, April 23 – The CLO primary market perked up by Thursday, with pricing obtained on two U.S.-based deals and with a third reported to have priced, while another deal priced in the euro market, sources said.

There was also at least one repricing by MJX Asset Management Venture CLO, a New York-based CLO analyst said.

The beginning of the week had been quiet with many managers and investors away from their desks to attend the fourth annual IMN Investors’ Conference on CLOs & Leveraged Loans in New York on Monday and Tuesday.

The new deals learned about Thursday included TPG Global LLC’s $515.25 million in the TICP-CLO IV Ltd./TICP CLO IV LLC, which represents TPG’s first CLO of the year and which priced late Wednesday.

NXT Capital CLO 2015-1 LLC priced $408,641,000 of notes due April 2027 in a CLO offering brought via underwriter Wells Fargo Securities LLC.

Kramer Van Kirk Credit Strategies LP was also said to have priced a CLO via underwriter Goldman Sachs & Co., but details on the deal could not be obtained by Prospect News’ deadline.

Internationally, Alcentra Ltd. priced a €450.75 million European CLO of notes due 2028, called Jubilee CLO 2015-XV BV.

Compared to spreads on deals priced earlier in the month, pricing appeared slightly wide, a New York-based market source said.

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