Highbridge, Halcyon, MJX, Canyon Capital price CLOs; active primary keeps check on spreads

By Cristal Cody

Tupelo, Miss., March 24 – CLO managers Highbridge Principal Strategies LLC, Halcyon Loan Advisors LP, MJX Asset Management LLC and Canyon Capital Advisors LLC tapped the market, sources said.

Both Highbridge and Halcyon priced the AAA slice of notes at Libor plus 145 basis points, on the tight side of recent CLO AAA issuance.

MJX Asset Management placed the AAA-rated notes in its CLO offering at Libor plus 149 bps.

Canyon Capital Advisors priced the AAA notes in the Canyon Capital CLO 2015-1, Ltd./Canyon Capital CLO 2015-1, LLC deal at Libor plus 155 bps.

In the primary market, “heavy new issue supply will likely keep spreads from moving in dramatically,” BofA Merrill Lynch analysts said in a market note.

More than $25 billion of U.S. CLOs have priced year to date. Market analysts forecast as much as $100 billion of issuance for the year.

Highbridge taps market

Highbridge Principal Strategies priced $519.8 million of notes in the Highbridge Loan Management 6-2015 Ltd./Highbridge Loan Management 6-2015 LLC deal, a source said.

The CLO sold $320 million of class A floating-rate notes at Libor plus 145 bps in the offering.

Morgan Stanley & Co. LLC was the placement agent.

Highbridge Principal Strategies will manage the CLO.

The New York City-based affiliate of Highbridge Capital Management, LLC brought two CLO deals in 2014.

Halcyon prices $518 million

Halcyon Loan Advisors priced a $518 million CLO offering via Morgan Stanley, according to a market source.

Halcyon Loan Advisors Funding 2015-1 Ltd./Halcyon Loan Advisors Funding 2015-1 LLC priced $310 million of class A floating-rate notes at Libor plus 145 bps in the transaction.

Halcyon Loan Advisors will manage the CLO.

The subsidiary of New York City-based Halcyon Loan Management, LLC priced four CLO deals in the U.S. and European markets in 2014.

MJX brings Venture XX CLO

MJX Asset Management priced $616.3 million of notes due April 15, 2027 in the Venture XX CLO, Ltd./Venture XX CLO LLC deal, a market source said.

The CLO sold $378.1 million of class A senior secured floating-rate notes at Libor plus 149 bps in the offering.

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

MJX Asset Management will manage the CLO.

The New York City-based asset management company brought four CLO transactions in 2014.

Canyon Capital taps market

Canyon Capital Advisors brought a $412.1 million CLO deal, according to a market source.

In the senior tranche, Canyon Capital CLO 2015-1 priced $260 million of class A floating-rate notes at Libor plus 155 bps.

Goldman Sachs & Co. was the placement agent.

Canyon Capital Advisors will manage the CLO.

The Los Angeles-based alternative asset manager priced two CLO transactions in 2014.

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