NYL Investors plans add-on; Spire Partners offers euro CLO; CBO/CDO/CLO notes gain

By Cristal Cody

Tupelo, Miss., June 4 – CLO deal volume is slowly picking back up after primary action ceased in March.

NYL Investors LLC plans to price up to $3 million of new class X junior deferrable fixed-rate notes with a 10% coupon in a vintage 2018 broadly syndicated CLO.

Spire Partners LLP is offering new euro-denominated notes in the manager’s first CLO deal of the year.

The CLO manager was last in the primary market when it issued the €447.8 million Aurium CLO V DAC deal on April 4, 2019.

More than $25 billion of dollar-denominated CLOs have priced year to date, with market participants anticipating only about $25 billion more of deal volume for the rest of the year.

On Wednesday, Moody’s Investors Service announced it placed additional CLO securities on review for possible downgrade with a total now of 1,100 U.S. CLO securities and 351 Europe, Middle East and Africa broadly syndicated CLO securities on review for possible downgrade.

Prices improved over the past session.

High-grade paper averaged 96.40 on Wednesday, better from 94.20 on Tuesday but down slightly from the 96.80 average on Monday.

Paper further down the capital structure rose to 72.80 in the prior session from 72.40 on Tuesday, though off Monday’s average of 75.70.

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