CBAM CLO Management prices $1.3 billion notes in new CLO; secondary trading thins

By Cristal Cody

Tupelo, Miss., Sept. 14 – CBAM CLO Management LLC brought a $1.3 billion CLO transaction to the primary market.

More than $63 billion of new CLOs have priced year to date, according to market sources.

Secondary market volume has been mixed over the week. On Wednesday, $75.57 million of high-grade issues and $127.92 million of lower-rated securities were traded, Trace reported.

Trading volume fell from $182.34 million of high-grade issues and $176.7 million of non-investment-grade CBO/CDO/CLO securities traded on Tuesday.

At the start of the week, $30.24 million of high-grade CBO/CDO/CLO issues and $75 million of non-investment-grade securities were traded.

CBAM brings new deal

CBAM CLO Management sold $1,307,450,000 of notes due Oct. 17, 2029 in a new collateralized loan obligation deal, according to a market source on Thursday.

CBAM 2017-3, Ltd./CBAM 2017-3 LLC priced $832 million of class A floating-rate notes at Libor plus 123 basis points at the top of the capital structure.

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

CBAM CLO Management is an affiliate of New York-based asset management firm CBAM Partners, LLC.

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