Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers R > Headlines for Rothschild Group > News item |
European primary wakes; Commerzbank, BlueMountain tap market; volume hits €2.2 billion
By Cristal Cody
Eureka Springs, Ark., March 24 – The European CLO primary market continued to see action with two more transactions priced, bringing the week’s deals to three offerings, according to market sources on Thursday.
Commerzbank AG, London Branch priced a €277.7 million short-dated CLO transaction.
BlueMountain Capital Management, LLC brought a debut €409.8 million CLO deal.
Rothschild Group affiliate Five Arrows Managers LLP was in the market as previously reported with the €307.8 million Contego CLO III BV offering on Wednesday.
About €2.2 billion of euro-denominated CLOs have priced year to date, according to Prospect News data.
Market analysts are bearish about the growth of the European CLO deal market in the near term, although the pipeline is reportedly busy.
Morgan Stanley & Co. LLC analysts lowered their 2016 issuance forecast to €10 billion from €15 billion earlier in the month.
BofA Merrill Lynch forecasts €15 billion of CLO volume for the year.
Commerzbank priced €277.7 million of notes due Oct. 25, 2025 in a CLO offering via Stifel, Nicolaus & Co., Inc., according to a market source.
Bosphorus CLO II Designated Activity Co. sold €163.6 million of class A floating-rate notes at Euribor plus 143 basis points in the senior tranche.
Commerzbank AG Debt Fund Management, a fund management business of Commerzbank AG, London Branch, will manage the CLO.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.