Market looks to later in January for direction; PineBridge, Apollo in CLO deal pipeline

By Cristal Cody

Tupelo, Miss., Jan. 5 – CLO market activity stayed fairly light on Monday as most insiders spent the first day back from the holidays attending to email and paperwork, sources said.

“Everyone is trying to figure out what the new year is going to bring,” a market source said.

Two CLO managers plan to bring new dollar-denominated deals, according to sources.

“It will be interesting to see how the market gets off,” one source said. “It may be another week or so before people know where things are.”

PineBridge markets CLO

PineBridge Investments LLC is marketing a new U.S. dollar-denominated CLO deal, an informed source said.

The Galaxy XIX CLO Ltd./Galaxy XIX CLO LLC transaction is expected to price later in January.

Citigroup Global Markets Inc. is the placement agent.

PineBridge Investments brought two CLO deals in 2014.

The asset management firm is based in New York City.

Apollo preps deal

Apollo Credit Management (CLO) LLC plans to bring a dollar-denominated CLO transaction, according to a market source.

In 2014, Apollo Credit Management brought two dollar-denominated CLOs, including the $1.54 billion ALM XIV, Ltd. CLO transaction on June 6.

The subsidiary of Apollo Global Management, LLC is based in New York City.

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