Pricing emerges on European CLOs from Blackstone, CELF Advisors, Guggenheim Partners

By Rebecca Melvin

New York, Jan. 25 – Pricing emerged on Friday for three euro-denominated collateralized loan obligations, representing catch up for the European primary market, which had a delayed start in 2019.

The €513 million Crosthwaite Park CLO DAC transaction priced with notes due March 2032 via manager Blackstone/GSO Debt Funds Management Europe Ltd.

The notes at the top of the capital structure were €242 million of class A-1A floating-rate notes (Aaa) that priced at Euribor plus 108 basis points. It also priced €10 million of class A-1B floating-rate notes (Aaa) at Euribor plus 140 bps.

CELF Advisors LLP priced €409.1 million of fixed- and floating-rate notes due March 2032 in the Carlyle Global Market Strategies Euro CLO 2019-1 DAC, with a top tranche of €2.5 million of class X senior secured floating-rate notes (Aaa) that priced at Euribor plus 65 bps, and €240 million of class A-1 senior secured floating-rate notes (Aaa) that priced at Euribor plus 110 bps.

Also, Guggenheim Partners Europe Ltd. sold €411.9 million of notes due October 2032 in the new Bilbao CLO II DAC transaction, according to a market source on Friday.

The CLO sold €234 million of class A-1A senior secured floating-rate notes (Aaa) at Euribor plus 114 bps.

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