AGL, Barings price CLOs; Moody’s expands downgrade reviews; CBO/CDO/CLO paper softens

By Cristal Cody

Tupelo, Miss., June 3 – AGL Credit Management LP priced $600 million of notes in the manager’s third broadly syndicated CLO offering of the year.

Meanwhile, Barings LLC priced a $335.53 million transaction in the company’s first CLO deal of 2020.

Barings was in the primary market in 2019 with four U.S. CLO transactions.

More than $25 billion of dollar-denominated CLOs have priced year to date, according to market sources.

In other activity, Moody’s Investors Service announced on Wednesday that it placed another 241 securities issued by 115 U.S. broadly syndicated loan-backed CLOs on review for possible downgrade, as well as 234 additional euro CLO tranches issued by 77 EMEA CLOs.

The announcement follow’s Moody’s action on April 17 to place 859 U.S. CLO securities and 117 Europe, Middle East and Africa issues on review.

The latest action brings the total number of U.S. CLO securities on review for possible downgrade to 1,100, or about 24% of Moody’s-rated broadly syndicated CLO/CBO securities outstanding, Moody’s said.

Elsewhere, secondary market volume ramped up to $630.78 million in high-grade CBO/CDO/CLO paper on Tuesday from $461.46 million at the start of the week, according to Trace data.

Average prices for non-high-grade paper softened to 94.20 from 96.80 on Monday.

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