AGL Credit prices $398.9 million CLO; CBO/CDO/CLO paper improves in secondary trading

By Cristal Cody

Tupelo, Miss., May 5 – In new issuance, AGL Credit Management LP priced a $398.9 million broadly syndicated CLO offering with a short one-year non-call period and a one-year reinvestment period.

More than $20 billion of CLOs have priced year to date with deal volume for the year now expected to be about half of previous forecasts due to the coronavirus impact and market volatility.

Meanwhile, the secondary market remains active.

On Monday, $478.51 million of high-grade CBO/CDO/CLO securities were traded at an average 94.10, up from 91.90 on Friday, Trace data shows.

The previous session also saw $120.84 million of lower-rated CBO/CDO/CLO paper trade at an average 73.80, improved from 61.60 on Friday.

AGL Credit Management priced $398.9 million of notes due April 20, 2028 in three tranches in the offering, according to market sources.

AGL CLO 4 Ltd. sold $232 million of class A floating-rate notes at Libor plus 221 basis points in the AAA-rated tranche.

Barclays was the placement agent.

AGL Core Fund Vintage 2020-1, LP will manage the CLO.

The New York-based investment firm was founded in 2019 and is a subsidiary of the Abu Dhabi Investment Authority.

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