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Euro CLO volume picks up; Five Arrows prices 412 million CLO; BlackRock notes on tap
By Cristal Cody
Tupelo, Miss., Oct. 29 The European CLO primary market continues to be active in October amid new issuance last week and other deals expected to price soon.
Five Arrows Managers LLP sold 412 million of notes in a new CLO transaction. The CLO manager priced the class A-2 floating-rate tranche of notes at Euribor plus 98 basis points.
In the AAA-rated tranches of the deal, Contego CLO VI DAC sold 15 million of 1.51% class A-1 senior secured fixed-rate notes and 233 million of class A-2 senior secured floating-rate notes at Euribor plus 98 bps.
Merrill Lynch International was the placement agent.
Rockford Tower Capital Management, LLC was in the European primary market last week with the previously reported 407 million Rockford Tower Europe CLO 2018-1 DAC deal. Rockford priced its class A-1 floating-rate tranche at Euribor plus 103 bps.
BlackRock Investment Management (UK) Ltd. also intends to price a 411.25 million CLO in the managers third new offering year to date.
The deal includes 240 million of class A senior secured floating-rate notes (Aaa//AAA) at the top of the capital stack.
Barclays is the placement agent.
The deal is backed primarily by euro-denominated broadly syndicated senior secured obligations.
More than 23 billion of new issue euro-denominated CLOs have priced in 2018, according to market sources.
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