BlueMountain prices $394.35 million; Neuberger closes deal; high-grade secondary active

By Cristal Cody

Tupelo, Miss., June 25 – BlueMountain Capital Management LLC priced $394.35 million of notes in the manager’s first broadly syndicated CLO offering of the year.

BlueMountain CLO XXIX Ltd./BlueMountain CLO XXIX LLC sold $240 million of class A floating-rate notes at Libor plus 175 basis points in the AAA-rated tranche.

In other issuance activity, Neuberger Berman Loan Advisers LLC closed Thursday on its previously reported $398.4 million Neuberger Berman Loan Advisers CLO 37, Ltd./Neuberger Berman Loan Advisers CLO 37, LLC deal.

The manager’s second CLO of the year priced the senior AAA-rated tranche at Libor plus 175 bps.

New issue volume totals more than $28 billion in the dollar-denominated market and over €8 billion year to date as supply begins to resume moderately following the March Covid-19 pandemic start.

Market analysts now expect about $50 billion of dollar-denominated volume and about €15 billion of euro-denominated supply for the year.

Meanwhile, secondary volume has been heavy in high-grade CBO/CDO/CLO notes over the past two sessions.

On Thursday, $1.15 billion of issues were traded, up from $1.14 billion on Tuesday and $872.01 million on Monday, according to Trace data.

Investment-grade tranches softened to an average 96.10 on Wednesday from 96.80 on Tuesday and 96.60 on Monday.

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