Ballyrock sells $528.3 million CLO; new issues trail reprint supply; secondary active

By Cristal Cody

Tupelo, Miss., April 20 – New CLO volume includes a $528.3 million transaction from Ballyrock Investment Advisors LLC.

The CLO manager has priced one new CLO and refinanced a vintage CLO in 2018.

More than $30 billion of new CLOs have priced, while refinancing volume totals more $42 billion so far this year, according to market sources.

Securitized secondary trading was active over the week, though high-grade trading volume declined on Thursday, according to Trace data.

Investment-grade secondary market volume fell to $59.39 million in the previous session, while trading climbed to $163.05 million in lower-rated securities in the securitized secondary market.

Trading volume on Wednesday included $274.27 million of high-grade CDO/CBO/CLO issues and $81.13 million of lower-rated securities, compared to $99.18 million of investment-grade issues and $74.95 million of lower-rated securities traded on Tuesday.

On Monday, $138.4 million of high-grade CDO/CBO/CLO issues and $38.9 million of non-investment-grade securities were traded.

Ballyrock Investment Advisors priced $528.3 million of notes due April 21, 2031 in the new CLO deal via Citigroup Global Markets Inc., according to a market source.

Ballyrock CLO 2018-1 Ltd./Ballyrock CLO 2018-1 LLC sold $322.5 million of class A-1 senior secured floating-rate notes at Libor plus 100 basis points in the senior tranche.

The CLO manager is an investment management firm based in Boston.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.