Ares sells €306.7 million CLO: Canyon prices $454 million; high-grade CBO/CDO/CLOs gain

By Cristal Cody

Tupelo, Miss., Oct. 9 – The European primary market is seeing new issuance in October.

Ares European Loan Management LLP priced €306.7 million of notes in the manager’s first euro-denominated CLO offering priced in 2020.

Ares European CLO XIV BV sold €185.1 million of class A senior secured floating-rate notes at Euribor plus 115 basis points at the top of the capital stack.

Goldman Sachs International was the placement agent.

Meanwhile in the dollar market, Canyon CLO Advisors LLC sold $454 million of notes in the manager’s second CLO offering of the year.

Canyon CLO 2020-2, Ltd. sold $270 million of class A floating-rate notes at Libor plus 145 bps in the AAA-rated tranche.

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

About $60 billion of dollar-denominated CLOs and more than €14 billion of euro-denominated CLOs have priced year to date, according to market sources.

Looking at the secondary market, volume was strong in high-grade CBO/CDO/CLO paper over the week with prices improving, Trace data shows.

On Thursday, $493.56 million of investment-grade notes were traded at an average price of 99.10.

Also, $155.52 million of lower-rated tranches traded on Thursday at an average price of 77.80.

© 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.