Partners Group, Permira price euro CLOs; Benefit Street, Allstate Investment close deals

By Cristal Cody

Tupelo, Miss., June 28 – Partners Group (UK) Management Ltd. priced €407.6 million of notes in a new euro-denominated CLO offering, its first deal since tapping the primary market in 2018.

Permira Debt Managers Group Holdings Ltd. also brought its first CLO offering of the year. The CLO manager priced €382.2 million of notes in the transaction.

Euro-denominated CLO volume year to date totals more than €10 billion, according to market sources.

In 2018, nearly €28 billion of European CLOs priced.

In the dollar-denominated primary market, Benefit Street Partners LLC closed Friday on a new $508.2 million CLO offering.

Allstate Investment Management Co. also sold $455.7 million of notes in a new broadly syndicated CLO deal that closed Friday.

More than $50 billion of new dollar-denominated broadly syndicated CLOs have priced year to date.

In other market activity, leveraged loans were the only sector to see outflows for the past week ended Wednesday, Yuri Seliger, a credit strategist with BofA Securities, said in a research note released on Friday.

“Investors bought bonds across major sectors, including high grade, high yield, government bonds, munis and mortgages,” Seliger said. “Leveraged loans were the only sector with outflows.”

Outflows from loans climbed to $680 million for the week ended Wednesday from $380 million in the previous week.

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