Europe, U.S. CLO primary markets busy; Sound Point prices; May new issue pipeline eyed

By Cristal Cody

Eureka Springs, Ark., April 29 – CLO primary action remained strong over the week with new issuance brought in the U.S. and European markets.

PGIM Ltd. priced €412.9 million of notes due 2030 in the Dryden 44 Euro CLO 2015 BV transaction on Friday, according to a market source. J.P. Morgan Chase Bank NA, London Branch arranged the deal.

Final pricing details were not available by press time.

Details emerged on Sound Point Capital Management LP’s $512.5 million CLO placed earlier in the week.

Sound Point Capital Management priced $512.5 million of notes due July 20, 2028 in the Sound Point CLO XI, Ltd./Sound Point CLO XI LLC transaction, according to a market source.

The broadly syndicated CLO sold $322.5 million of class A floating-rate notes at Libor plus 165 basis points at the top of the capital stack.

Credit Suisse Securities (USA) LLC was the placement agent.

Several CLO deals are being marketed and are expected to price over the next few weeks, sources said.

Black Diamond Capital Management, LLC is offering $358.55 million of notes in the Black Diamond CLO 2016-1, Ltd. transaction via J.P. Morgan Securities LLC.

Apollo Credit Management (CLO) LLC is in the pipeline with the $423 million ALM XIX, Ltd. transaction. Citigroup Global Markets Inc. is the placement agent.

Triumph Capital Advisors, LLC is preparing to print a CLO via Wells Fargo Securities, LLC.

© 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.