Voya prices $398.7 million; Granite Point sells CRE CLO; February supply tops year ago

By Cristal Cody

Tupelo, Miss., Feb. 15 – Voya Alternative Asset Management LLC priced $398.7 million of notes this week in the manager’s first broadly syndicated CLO offering of the year.

In other new issuance, Granite Point Mortgage Trust Inc. priced a $825.04 million commercial real estate CLO deal in its second transaction since 2018.

The CLO had a weighted average interest rate at issuance of Libor plus 164 basis points.

“After a slow start to the year, U.S. CLO issuance picked up slightly this week,” Wells Fargo Securities LLC senior analyst Dave Preston and associate analyst Mackenzie Miller said in a note on Friday.

As of Thursday, U.S. CLO issuance year to date totals $11 billion, including $5.9 billion of volume so far in February, according to the report.

“YTD issuance is only 7% below last year’s total, and February MTD issuance is actually 9% above last year,” the analysts said.

In its deal, Voya Alternative Asset Management priced $398.7 million of notes due April 15, 2029 in the new CLO deal, according to a market source.

Voya CLO 2019-1, Ltd./Voya CLO 2019-1 LLC sold $259 million of class A floating-rate notes at Libor plus 117 bps in the AAA-rated tranche.

Jefferies LLC was the placement agent.

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