CLO primary active; Bain, Morgan Stanley, Barings, Silver Rock price; Eaton Vance eyed

By Cristal Cody

Tupelo, Miss., Nov. 3 – New issue supply continues to remain strong in the CLO market headed into the year’s end.

Bain Capital Credit LP issued $499 million of notes in the manager’s fourth CLO offering of the year.

Morgan Stanley Investment Management Inc. subsidiary MS 522 CLO Manager LLC priced $404 million of notes in the manager’s first deal of 2020.

Barings LLC brought a $396.45 million new broadly syndicated CLO to the primary market in its third transaction this year.

Meanwhile, Silver Rock Management LLC issued $347.55 million of notes in the company’s first broadly syndicated CLO offering.

Also on Tuesday, Eaton Vance Management closed on its previously reported $403,225,000 Eaton Vance CLO 2020-2 Ltd./Eaton Vance CLO 2020-2, LLC offering, which placed the senior tranche of notes at Libor plus 137 basis points.

About $70 billion of dollar-denominated broadly syndicated CLOs have priced year to date, according to market sources.

In its deal, Bain Capital Credit issued $499 million of notes due Oct. 20, 2033 in the offering, according to market sources.

Bain Capital Credit CLO 2020-4 Ltd./Bain Capital Credit CLO 2020-4 LLC sold $300 million of class A-1 senior secured floating-rate notes at Libor plus 141 bps at the top of the capital stack.

Credit Suisse Securities (USA) LLC was the placement agent.

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