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Prospect News home > News index > List of issuers M > Headlines for Madison Park Funding XXXII Ltd. > News item
Published on 12/14/2018 in the Prospect News CLO Daily.

Credit Suisse Asset Management plans firm’s sixth CLO; AAA, BB primary spreads widen

By Cristal Cody

Tupelo, Miss., Dec. 14 – Credit Suisse Asset Management, LLC is marketing $814 million of notes in the CLO manager’s sixth CLO transaction of 2018.

The deal is expected to close on Jan. 31.

CSAM was last in the primary market on Nov. 8 with the $816.7 million Madison Park Funding XXXI Ltd./Madison Park Funding XXXI LLC transaction.

More than $110 billion of U.S. CLOs have priced in 2018, market sources said.

New issue spreads are printing weaker as the year winds down, according to a Wells Fargo Securities LLC analysts’ note on Friday.

“Since the start of November, CLO primary AAA spreads have widened roughly 11 [basis points] and nearly 20 bps since the start of the year,” the analysts said. “BB spreads have moved more – 110 bps since the start of November and 170 bps since the start of the year.”

CSAM offers $814 million CLO

Credit Suisse Asset Management plans to price $814 million of notes due Jan. 22, 2031 in the Madison Park Funding XXXII Ltd./Madison Park Funding XXXII LLC offering, according to a market source.

The deal includes $2 million of class X floating-rate notes (//AAA); $480 million of class A-1 floating-rate notes (/AAA/AAA); $36 million of class A-2 fixed-rate notes (//AAA); $88 million of class B floating-rate notes (/AA/); $56 million of class C deferrable floating-rate notes (/A/); $42 million of class D deferrable floating-rate notes (/BBB-/); $30 million of class E deferrable floating-rate notes (/BB-/) and $80 million of subordinated notes.

J.P. Morgan Securities LLC is the placement agent.

Credit Suisse Asset Management is a unit of Credit Suisse Group AG.


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