Five Arrows, GoldenTree wrap new CLO deals; euro CLOs downgraded; CBO/CDO/CLO paper mixed

By Cristal Cody

Tupelo, Miss., July 10 – In CLO market action, Five Arrows Managers North America LLC closed Friday on its previously reported $302.75 million Ocean Trails CLO 8/Ocean Trails CLO 8 LLC transaction.

The CLO priced $180 million of class A-1 floating-rate notes at Libor plus 195 basis points at the top of the capital stack.

GoldenTree Asset Management LP also wrapped its €373.7 million new issue GoldenTree Loan Management EUR CLO 4 DAC offering, which placed €221 million of class A floating-rate notes at Euribor plus 155 bps.

Year to date, about $35 billion of dollar-denominated broadly syndicated CLOs and more than €10 billion of euro-denominated broadly syndicated CLOs have priced.

Elsewhere, S&P Global Ratings announced downgrades to tranches from several European CLOs on Friday, including Tikehau CLO V BV, OCP Euro CLO 2017-1 DAC and Euro-Galaxy III CLO BV.

In other activity, leveraged loan outflows declined to $207 million in the past week ended Wednesday from $427 million a week ago, according to Fitch Ratings on Friday.

Year-to-date outflows total $17.5 billion.

Secondary action slowed over the week in high-grade securitized paper, while appetite for tranches lower down the capital stack increased, according to Trace data.

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