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Third $1 billion-plus deal of summer prices; CBAM brings $1.5 billion CLO; secondary thins
By Cristal Cody
Tupelo, Miss., Aug. 4 – CBAM CLO Management LLC priced $1,567,500,000 of notes in a new CLO transaction, bringing its second $1 billion plus CLO and the third $1 billion-plus deal seen over the summer in the primary market.
The CLO manager also closed on a $1.25 billion CLO transaction in June.
Earlier in July, Ares Management LLC priced $1.1 billion of notes in the Ares XLIV CLO Ltd./Ares XLIV CLO LLC transaction.
More than $50 billion of new CLOs have priced in 2017, while refinancing and reset volume totals more than $100 billion year to date.
In other activity, secondary market volume has been light over the week.
On Thursday, $46.35 million of high-grade CBO/CDO/CLO issues and $143.41 million of non-investment-grade securities were traded, according to Trace.
During Wednesday’s session, $49.4 million of high-grade securities and $80.88 million of non-high-grade CBO/CDO/CLO issues traded.
On Tuesday, the market had $68.49 million of investment-grade CBO/CDO/CLO issues and $122.77 million of non-high-grade securities trade. During Monday’s session, trading volume included $81.62 million of investment-grade securities and $45.96 million of non-high-grade issues.
CBAM prices new CLO
CBAM CLO Management sold $1,567,500,000 of notes due Oct. 17, 2029 in eight tranches in the offering, according to a market source.
CBAM 2017-2, Ltd./CBAM 2017-2 LLC priced $998.4 million of class A floating-rate notes at Libor plus 124 basis points at the top of the capital structure.
BofA Merrill Lynch was the placement agent.
Proceeds will be used to purchase a portfolio of about $1.56 billion of mostly first-lien senior secured leveraged loans.
CBAM CLO Management also priced a CLO deal that closed on June 29.
The firm is an affiliate of New York-based asset management firm CBAM Partners, LLC.
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