CLO primary market action, secondary market volume begins pre-holiday slowdown

By Cristal Cody

Tupelo, Miss., Dec. 5 – Deal action is winding down in the CLO primary market with most participants focused on year-end clean-up and the year ahead.

Pricing and refinancing action is expected to continue at a light pace through the rest of the year, according to market sources.

About $100 billion of new CLOs and more than $145 billion of vintage CLOs have been refinanced year to date, according to market sources.

Elsewhere, secondary trading volume has begun to slow this week. On Monday, not enough CBO/CDO/CLO issues were traded to register in the secondary market, according to Trace.

The secondary market was active on Friday with $139.59 million of investment-grade issues and $222.64 million of non-high-grade CBO/CDO/CLO securities traded.

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