CVP CLO Advisors prices $408.65 million CLO; deal action steady; secondary spreads flat

By Cristal Cody

Tupelo, Miss., Dec. 18 – CVP CLO Advisors LLC returned to the primary market to price its second CLO deal of 2017 since its acquisition at the start of the year by New York Life Investments.

The CLO manager priced $408.65 million of notes in the offering.

Supply remains steady in December in the new issuance and refinancing spaces, BofA Merrill Lynch analysts said in a research note released on Monday.

Just under $100 billion of new broadly syndicated CLOs have priced year to date, while CLO managers have refinanced more than $158 billion of vintage CLOs in 2017, according to the note.

In the secondary market, spreads have been flat across the capital stack over the past month, according to the BofA Merrill Lynch report.

AAAs ended Friday unchanged at Libor plus 100 bps.

In its deal, CVP CLO Advisors sold $408.65 million of notes due Jan. 20, 2031 in the CVP CLO 2017-2 Ltd./CVP CLO 2017-2 LLC deal on Friday, according to a market source.

The CLO priced $238.5 million of class A floating-rate notes at Libor plus 119 bps in the AAA-rated tranche.

Jefferies LLC was the placement agent.

The notes are collateralized by broadly syndicated senior secured corporate loans.

CVP CLO Advisors is a subsidiary of New York-based asset management firm New York Life Investments.

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