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CVC, Natixis price euro-denominated CLOs; new issue European supply tops 2016 volume
By Cristal Cody
Tupelo, Miss., Dec. 11 The European CLO primary market remains active into the year-end, according to informed sources on Monday.
CVC Credit Partners European CLO Management LLP priced 415.1 million of notes in a new CLO deal.
Natixis Asset Management tapped the primary market with a debut 308.4 million transaction.
After the busiest month of the post-crisis era, with 4.8 [billion] of new issues pricing in November 2017, the primary market for European CLOs remains active in December, BofA Merrill Lynch analysts said in a note released on Monday. New issue volumes have now reached 20.1 [billion] for the year, well ahead of the previous full-year high of 16.5 [billion] set in 2016.
CVC prices 415.1 million
CVC Credit Partners European CLO Management priced 415.1 million of notes due Jan. 27, 2031 in the new CVC Cordatus Loan Fund X DAC broadly syndicated CLO, according to market sources.
The CLO sold 206 million of class A-1 senior secured floating-rate notes at Euribor plus 72 basis points and 30 million of 1.15% class A-2 senior secured fixed-rate notes in the senior tranches.
Goldman Sachs International arranged the offering.
CVC Credit Partners European CLO Management is an affiliate of CVC Credit Partners Group Ltd., the credit management arm of London-based private equity firm CVC Capital Partners Ltd.
Natixis sells Purple CLO
Natixis Asset Management priced 308.4 million of notes due 2031 in the transaction, according to market sources.
Purple Finance CLO 1 DAC sold 173.7 million of class A senior secured floating-rate notes at Euribor plus 80 bps at the top of the capital structure.
Natixis SA was the underwriter.
Natixis Asset Management will manage the CLO, which is backed primarily by euro-denominated senior secured leveraged loans and bonds.
The investment management firm is based in Paris.
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