CVC, Natixis price euro-denominated CLOs; new issue European supply tops 2016 volume

By Cristal Cody

Tupelo, Miss., Dec. 11 – The European CLO primary market remains active into the year-end, according to informed sources on Monday.

CVC Credit Partners European CLO Management LLP priced €415.1 million of notes in a new CLO deal.

Natixis Asset Management tapped the primary market with a debut €308.4 million transaction.

“After the busiest month of the post-crisis era, with €4.8 [billion] of new issues pricing in November 2017, the primary market for European CLOs remains active in December,” BofA Merrill Lynch analysts said in a note released on Monday. “New issue volumes have now reached €20.1 [billion] for the year, well ahead of the previous full-year high of €16.5 [billion] set in 2016.”

In its deal, CVC Credit Partners European CLO Management priced €415.1 million of notes due Jan. 27, 2031 in the new CVC Cordatus Loan Fund X DAC broadly syndicated CLO, according to market sources.

The CLO sold €206 million of class A-1 senior secured floating-rate notes at Euribor plus 72 basis points and €30 million of 1.15% class A-2 senior secured fixed-rate notes in the senior tranches.

Meanwhile, Natixis Asset Management priced €308.4 million of notes due 2031 in the transaction, according to market sources.

Purple Finance CLO 1 DAC sold €173.7 million of class A senior secured floating-rate notes at Euribor plus 80 bps at the top of the capital structure.

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