CBAM, MJX Asset Management reprice fixed-rate tranches from 2017 CLOs; secondary active

By Cristal Cody

Tupelo, Miss., Aug. 18 – CLO refinancings of fixed-rate tranches in August continues with two more CLO managers repricing notes.

CBAM CLO Management LLC refinanced $87.5 million of notes from a vintage 2017 CLO deal.

MJX Asset Management LLC also priced $50.7 million of fixed-rate notes in a refinancing of two tranches from a 2017 CLO.

As previously reported, CLO managers including Apex Credit Partners LLC, Invesco Senior Secured Management, Inc., Fortress Investment Group LLC affiliate FCOD CLO Management LLC and MJX Asset Management LLC also have repriced vintage CLO notes in August.

Refinancing volume totals about $26 billion year to date.

New issue supply totals about $45 billion so far this year, according to market sources.

Elsewhere, the secondary market was active on Monday following heavy supply last week.

On Monday, $400.83 million of high-grade CBO/CDO/CLO paper was traded at an average 98.50, along with $110.47 million of lower-rated notes that traded at an 83.40 average price, according to Trace data.

Last week, volume topped $1 billion over trading sessions on Tuesday and Thursday for investment-grade issues, which traded at an average 97.50 headed into the weekend.

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