Palmer Square prices €198.7 million CLO; secondary IG CBO/CDO/CLO notes active

By Cristal Cody

Tupelo, Miss., Oct. 6 – The European CLO market remains active with a new offering from Palmer Square Europe Capital Management LLC, which issued €198.7 million of notes in the company’s first European CLO with a static pool.

More than €14 billion of euro-denominated CLOs and about $60 billion of dollar-denominated CLOs have priced so far this year, according to market sources.

Elsewhere in the secondary market, $204.28 million of high-grade CBO/CDO/CLO notes were traded on Monday, along with $42.41 million of lower-rated tranches, according to Trace.

The high-grade paper traded at an average price of 97.30 to start the week.

Non-investment-grade CBO/CDO/CLO notes averaged 83.40 on Monday.

Palmer Square Europe Capital Management issued €198.7 million of notes due Jan. 15, 2030 in the company’s first European CLO with a static pool, according to market sources.

Palmer Square European Loan Funding CLO 2020-1 DAC sold €129 million of class A floating-rate notes at Euribor plus 115 basis points in the AAA-rated tranche.

J.P. Morgan Securities plc was the placement agent.

Palmer Square Europe is a new London-based affiliate of Palmer Square Capital, an investment management firm based in Leawood, Kan.

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