PineBridge taps market; TPG readies firm’s second CLO deal; secondary volume down

By Cristal Cody

Tupelo, Miss., July 14 – PineBridge Investments LLC priced $465.9 million of notes in the Galaxy XVIII CLO Ltd./Galaxy XVIII CLO LLC transaction, a market source said on Monday.

PineBridge placed the CLO AAA-rated floating-rate notes at Libor plus 147 basis points.

Goldman Sachs & Co. arranged the transaction.

The deal is the New York City-based asset management firm’s second CLO transaction of the year.

TPG Global, LLC also plans to bring its second CLO transaction. The Fort Worth, Texas-based firm intends to offer $527.33 million of notes in the TICP CLO II, Ltd./TICP CLO II, LLC deal via Citigroup Global Markets Inc., a market source said.

Appleby Global Group Services Ltd. said in a CLO report released on Monday that it expects issuance for the remainder of the year to be robust.

“It will be interesting to see if there is any tail off over the summer period, but certainly Appleby’s pipeline is well fueled through to the end of 2014 and beyond,” according to the report from the London-based offshore legal services provider. “If the current rate continues for the next six-month period, there would be $126 billion issued across the full year.”

More than $70 billion of U.S. and European CLOs have priced year to date, according to data compiled by Prospect News.

Meanwhile, secondary volume is down “as the summer doldrums began to take hold,” analysts with Wells Fargo Securities LLC said in a note.

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