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Barings prices 452.8 million CLO; CVC sells 382.45 million; high-grade secondary eyed
By Cristal Cody
Tupelo, Miss., Sept. 29 The European CLO market is seeing primary activity in September after issuance slowed in August.
Barings (UK) Ltd. sold 452.8 million of notes in its first European CLO transaction of 2020.
CVC Credit Partners Group Ltd. priced a 382.45 million deal in the managers second euro-denominated broadly syndicated CLO offering of the year.
Euro-denominated CLO supply totals more than 13 billion year to date.
About 20 billion is expected for the year, according to Wells Fargo Securities, LLC analysts.
In the dollar-denominated market, about $55 billion of new CLOs have priced so far this year.
Euro-denominated CLO AAA spreads have been steady in late September at the Euribor plus 125 basis points area, BofA Securities, Inc. analysts report.
In the dollar-denominated secondary market on Monday, $322.37 million of high-grade CBO/CDO/CLO notes were traded at an average 98.10, according to Trace data.
The session also saw $76.72 million of lower-rated CBO/CDO/CLO paper trade at an average 92.70.
Barings prints euro CLO
Barings (UK) priced 452.8 million of notes due April 21, 2033 in the Barings Euro CLO 2020-1 DAC CLO transaction, according to market sources.
The CLO sold 279 million of class A senior secured floating-rate notes at Euribor plus 110 bps in the AAA-rated tranche.
Natixis, London Branch was the placement agent.
The CLO is backed primarily by euro-denominated senior secured loans and bonds.
Barings is a London-based credit fund management firm.
CVC brings XVIII CLO
CVC Credit Partners Group priced 382.45 million of notes due April 29, 2034 in its new CLO offering, according to market sources.
CVC Cordatus Loan Fund XVIII DAC sold 226.9 million of the class A senior secured floating-rate notes at Euribor plus 110 bps.
Deutsche Bank, AG was the placement agent.
CVC Credit Partners European CLO Management LLP will manage the CLO.
The offering is backed primarily by euro-denominated senior secured loans and bonds.
CVC, the credit management arm of London-based private equity firm CVC Capital Partners Ltd., has priced two euro-denominated CLOs year to date.
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