Blackstone/GSO prices €343.92 million; Palmer Square plans euro CLO; secondary strong

By Cristal Cody

Tupelo, Miss., Aug. 21 – Blackstone/GSO Debt Funds Management Europe Ltd. priced €343.92 million of notes in the manager’s third euro-denominated CLO offering of the year.

Meanwhile, Palmer Square Europe Capital Management LLC plans to price a €198.7 million debut European static CLO transaction.

Also on Friday, Palmer Square Capital Management LLC closed on its previously reported $395.9 million Palmer Square CLO 2020-2 Ltd./Palmer Square CLO 2020-2, LLC broadly syndicated deal.

The CLO priced $244 million of the class A-1a floating-rate notes at Libor plus 170 basis points.

In addition, Wellfleet Credit Partners, LLC closed Friday on its $396 million Wellfleet CLO 2020-2, Ltd./Wellfleet CLO 2020-2, LLC offering, which placed $240 million of the class A floating-rate notes at Libor plus 185 bps.

More than €13 billion of euro-denominated CLOs have priced year to date, while dollar-denominated supply totals about $45 billion year to date, according to market sources.

Another $26 billion of vintage CLOs have been refinanced year to date.

In other activity, leveraged loan funds saw $384.8 million of outflows for the past week ended Wednesday, up from $238 million in the prior week, Fitch Ratings said. Year-to-date redemptions total $18.87 billion.

Elsewhere, the secondary market continued to see heavy trading volume this week, according to Trace data.

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