MJX Asset refinances three of four; Bain reprices four classes; secondary trading busier

Chicago, Aug. 30 – The collateralized loan obligation market witnessed two refinancings on Friday, if not any pure new issues.

MJX Asset Management LLC refinanced three classes of its Venture XXIV CLO, Ltd./Venture XXIV CLO, LLC notes for $375.5 million.

And, Bain Capital Credit Advisors, LP refinanced four classes of its Bain Capital Credit CLO 2016-2 Ltd. notes for $462 million.

Secondary trading was much more active on Thursday than it has been for the entire week, according to Trace data.

Investment-grade trades in the CBO/CDO/CLO market totaled $398.83 million, more than double what it was on Wednesday. The average price was 98.7 with more customers selling than buying, a reversal from trading days earlier in the week. Customers sold $310.5 million of that total and bought $86.34 million.

Non-investment grade trading was also significantly higher at $84.18 million, four times higher than it was on Wednesday. Customers also sold more than they bought. The average price was 81.4.

In its deal, MJX Asset Management opted to refinance three of the four classes of notes that had been announced a couple of weeks ago in their Venture XXIV portfolio.

The class B notes were held back from the refinancing.

Meanwhile, Bain refinanced four of the six classes of notes in its 2016-2 portfolio.

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