Oak Hill Advisors prices €411.7 million CLO notes; high-grade secondary trading strong

By Cristal Cody

Tupelo, Miss., Dec. 7 – Oak Hill Advisors (Europe), LLP closed Friday on the firm’s first European CLO offering of the year.

The CLO manager priced €411.7 million of notes in the deal.

Year to date, more than €24 billion of new issue CLOs have been brought to the primary market, according to informed sources.

About €30 billion of total euro-denominated CLO volume was expected by market analysts for the year.

Elsewhere, secondary trading has been heavy in the dollar-denominated high-grade securitized market over the week.

On Thursday, $710.4 million of investment-grade CBO/CDO/CLO issues and $35.64 million of lower-rated securities traded.

In its deal, Oak Hill Advisors (Europe) sold €411.7 million of notes due Oct. 20, 2031 in the new CLO transaction, according to market sources.

In the offering, Oak Hill European Credit Partners VII DAC priced €240 million of class A senior secured floating-rate notes at Euribor plus 95.5 basis points in the AAA-rated tranche.

J.P. Morgan Securities plc was the placement agent.

The CLO is backed primarily by euro-denominated senior secured loans and senior secured bonds.

The deal is the firm’s first new euro-denominated CLO priced in 2018.

Oak Hill Advisors (Europe) is a credit manager based in London.

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