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CLO primary action slows through rest of year; December deal volume strong; AAAs unchanged
By Cristal Cody
Tupelo, Miss., Dec. 24 – CLO primary and secondary action is expected to cool through the remainder of the year and pick up again in January.
More than $7 billion of U.S. CLOs have priced in 15 deals so far in December, the busiest month the market has seen since October’s supply of $8.2 billion, according to informed sources and Prospect News data. In November, $4.8 billion of CLOs priced.
MJX Asset Management LLC tapped the market earlier in the week with a $400.5 million transaction, Venture XXII CLO, Ltd./Venture XXII CLO LLC, via Jefferies LLC.
The month also has seen €2.8 billion of CLOs price in the European primary markets from managers that include CELF Advisors LLP.
U.S. CLO spreads are ending the year mostly unchanged with AAA-rated notes at the Libor plus 165 basis points area, a source said.
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