AGL prices $580.95 million CLO; Europe primary active; CSAM refinances; spreads tighten

By Cristal Cody

Tupelo, Miss., Dec. 14 – Pricing action remains steady in December with new dollar- and euro-denominated CLOs, as well as refinancing deals, continuing to print.

Last week saw the “heaviest weekly supply since the end of September,” according to a BofA Securities, Inc. research note on Friday.

About a dozen managers have been in the dollar and euro primary markets since the start of the month, sources report.

In the European primary market last week, CIFC Asset Management Europe LLC priced €368.75 million of notes in the CIFC European Funding CLO III DAC deal, while Capital Four CLO Management K/S priced €356.2 million of notes in the Capital Four CLO II DAC offering, sources said.

Final pricing details were not immediately available.

Meanwhile in new dollar issuance, AGL CLO Credit Management LP sold $580.95 million of notes and loans in the manager’s seventh new broadly syndicated CLO transaction of the year.

The refinancing space also is remaining active in December. Credit Suisse Asset Management, LLC refinanced $45 million of fixed-rate notes from a 2018 broadly syndicated CLO.

Dollar CLO spreads tightened across the capital structure with AAAs 5 basis points tighter, AA-A tranches 10 bps better, BBBs in by 15 bps, and BB- and B-rated spreads 25 bps tighter, according to the BofA Securities note.

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