Voya refinances $417.6 million CLO; high-grade secondary volume tops $1 billion

By Cristal Cody

Tupelo, Miss., March 12 – In CLO market activity on Thursday, details emerged on Voya Alternative Asset Management LLC’s $417.6 million second refinancing of a 2014 CLO.

Voya CLO 2014-2, Ltd./Voya CLO 2014-2 LLC sold $331 million of class A-1-RR floating-rate notes at Libor plus 102 basis points at the top of the capital structure.

BNP Paribas Securities Corp. was the refinancing placement agent.

Overall primary market activity is slowing in response to the coronavirus with the financial markets in turmoil on Thursday as stock indices fell nearly 10% across the board and credit spreads widen.

Meanwhile, trading volume in high-grade securitized paper was heavy on Wednesday, according to Trace data.

The previous session saw $1.33 billion of investment-grade CBO/CDO/CLO securities trade at an average price of 96.90 and a weighted average price of 97.50.

In addition, $409.47 million of lower-rated issues traded over the session at a 79.60 average price and a 75 weighted average price.

At the start of the week, $440.28 million of investment-grade CBO/CDO/CLO securities were traded at an average price of 99.70 and a 96.90 weighted average price.

Monday’s session also included $100.99 million of non-high-grade issues traded at an 82.10 average price and an 83.10 weighted average price.

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