BlackRock taps Europe with new CLO offering; non-high-grade secondary volume climbs

By Cristal Cody

Tupelo, Miss., Oct. 5 – BlackRock Investment Management (UK) Ltd. priced a new €466.1 million CLO in the firm’s second deal of 2017, a source said on Thursday.

Credit Suisse Securities (Europe) Ltd. was the placement agent. Final pricing details were not immediately available.

Euro-denominated CLO volume has been steady since September with several new deals brought to market.

About €30 billion of new, refinanced and reset euro-denominated CLOs have priced year to date, according to market sources.

Elsewhere, securitized secondary market volume jumped in non-high-grade CBO/CDO/CLO issues on Wednesday with $623.01 million traded, compared to $70.44 million of volume on Tuesday, according to Trace.

Wednesday’s session also had $79.55 million of investment-grade securities trade, down from $124.58 million of issues traded on Tuesday.

On Monday, secondary market volume included $80.66 million of high-grade CBO/CDO/CLO issues and $79.31 million of non-investment-grade securities.

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