U.S., Europe September CLO calendar active; Crestline Denali, Neuberger in market

By Cristal Cody

Eureka Springs, Ark., Sept. 6 – September and fall CLO issuance is expected to be active with several issuers in the deal pipeline, according to market sources.

Octagon Credit Investors, LLC plans to price $605 million of notes in the Octagon Investment Partners 28, Ltd./Octagon Investment Partners 28, LLC deal via Morgan Stanley & Co. LLC.

In Europe, Credit Suisse Asset Management Ltd. has a warehouse open for the Cadogan Square CLO VIII BV, while PGIM Ltd. opened a warehouse for the Dryden 46 Euro CLO BV transaction.

New U.S. supply includes deals from Crestline Denali Capital, LP and Neuberger Berman Investment Advisers LLC, according to market sources.

Crestline Denali Capital priced the $360 million Crestline Denali CLO XIV, Ltd./Crestline Denali CLO XIV LLC transaction via BNP Paribas Securities Corp.

Neuberger Berman Investment Advisers sold $409 million of notes in the Neuberger Berman CLO XXII, Ltd./Neuberger Berman CLO XXII, LLC deal. BofA Merrill Lynch was the placement agent. Final pricing details were not available by press time.

Year to date, nearly $40 billion of CLOs, including broadly syndicated, middle-market and refinanced transactions, have priced, according to Prospect News data.

The European CLO primary market has seen more than €10 billion of euro-denominated volume year to date.

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