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Northwoods prices 204.7 million; CLOs, securitized products see positive June returns
By Cristal Cody
Tupelo, Miss., July 6 Northwoods European CLO Management, LLC priced a 204.7 million CLO in the firms first euro-denominated deal since September 2019.
More than 10 billion of euro-denominated CLOs have priced year to date, with the market projected to post about 15 billion of volume in 2020.
Meanwhile, CLOs saw positive returns in June, according to a BofA Securities, Inc. research note released on Monday.
All securitized credit sectors we track delivered positive total and excess returns in June as the U.S. economy continues to reopen, BofA analysts said. AAA securitized products underperformed corporates in June on both a total and excess return basis.
In its deal, Northwoods European CLO Management priced 204.7 million of notes due June 16, 2033 in the CLO offering, according to market sources.
Northwoods Capital 21 Euro DAC sold 106 million of class A senior secured floating-rate notes at Euribor plus 150 basis points in the AAA-rated tranche.
BofA Securities Europe SA arranged the transaction.
The CLO is backed primarily by broadly syndicated first-lien senior secured corporate loans and bonds.
Northwoods European CLO Management is a subsidiary of New York-based alternative investment manager Angelo, Gordon & Co., LP.
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