CBAM prices €347.8 million; middle-market CLOs face reviews; non-high-grade paper gains

By Cristal Cody

Tupelo, Miss., June 5 – CBAM CLO Management Europe LLC priced €347.8 million of notes in an inaugural euro-denominated broadly syndicated CLO offering.

More than €7 billion of euro-denominated CLOs have been brought to the primary market so far this year, sources report.

Meanwhile, the middle-market space will start to face ratings reviews following the heavy review pace seen in broadly syndicated CLOs due to the Covid-19 pandemic.

Fitch Ratings said on Friday that it is undertaking a review of middle-market CLOs, including updating the point-in-time credit opinions for borrowers for the loans held in the CLO portfolios.

Elsewhere, high-grade secondary supply soared to $911.81 million on Thursday, up from $776.99 million on Wednesday, $630.78 million on Tuesday and $461.46 million on Monday, according to Trace data.

Trading volume also rose in non-high-grade CBO/CDO/CLO paper to $258.79 million on Thursday, compared to $213.35 million on Wednesday, $139.36 million on Tuesday and $71.76 million at the week’s start.

High-grade paper softened to an average 95.20 over the previous session from 96.40 on Wednesday, 94.20 on Tuesday and 96.80 average on Monday, Trace data shows.

Average prices for lower-rated paper improved on Thursday to a high of 80.40, compared to 72.80 seen on Wednesday, 72.40 on Tuesday and 75.70 on Monday.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.