Commerzbank prices €416.3 million CLO; CreekSource refinances $305.7 million

By Cristal Cody

Tupelo, Miss., April 23 – Details emerged on a new European CLO deal that priced in the previous week and a U.S. vintage CLO refinancing transaction that closed on Friday.

Commerzbank AG, London Branch priced €416.3 million of notes in the CLO manager’s first deal of the year.

Commerzbank, London Branch’s notes due 2031 were priced in the Bosphorus CLO IV DAC deal, according to market sources.

Bosphorus CLO IV sold €246 million of the class A secured floating-rate notes at Euribor plus 82 bps.

BNP Paribas Securities Corp. arranged the deal.

In the U.S. primary market, CreekSource LLC refinanced $305.7 million of notes from a vintage 2015 CLO.

In the secondary market, U.S. and European spreads were mixed, according to a BofA Merrill Lynch note released on Monday.

U.S. BWIC volume came to $120 million in the previous week.

“The new-found optimism and return of risk-on in the broader market helped stall the spread widening trend that has defined most of the last few weeks among the mezz tranches,” BofA Merrill Lynch analysts said in the note.

U.S. CLO spreads were in general unchanged on the week with AAAs at Libor plus 102 basis points and B spreads at Libor plus 850 bps, according to the note.

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