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Barings prices $503.2 million middle-market CLO; securitized trading volume thins
By Cristal Cody
Tupelo, Miss., Dec. 1 – Barings LLC priced $503.2 million of notes in a new middle-market CLO offering.
More than $14 billion of middle-market CLOs have priced year to date, according to informed sources.
In the broadly syndicated CLO primary market, nearly $100 billion of new CLOs have priced year to date.
In other action, the secondary market has seen moderate trading over the week with high-grade trading more active at the start of the week.
On Thursday, $37.25 million of investment-grade issues and $176.84 million of non-high-grade securities were traded, Trace reported.
During Wednesday’s session, $64.61 million of investment-grade CBO/CDO/CLOs and $96.91 million of lower-rated issues were traded.
Looking at high-grade volume, $108.6 million of issues were traded on Tuesday, while $177.86 million of investment-grade CBO/CDO/CLOs traded on Monday.
In non-high-grade secondary trading, $44.15 million of securities traded on Tuesday with $48.61 million of volume reported on Monday.
Barings prices CLO 2017-I
Barings priced $503.2 million of notes due Jan. 15, 2030 in the Barings Middle Market CLO Ltd. 2017-I transaction, according to a market source.
The CLO sold $280.9 million of class A-1 senior secured floating-rate notes at Libor plus 158 basis points in the senior tranche.
Natixis Securities America LLC was the placement agent.
Barings, formerly known as Babson Capital Management LLC, will manage the CLO.
The deal is backed primary by small and medium enterprise loans.
Charlotte, N.C.-based Barings is a subsidiary of Massachusetts Mutual Life Insurance Co.
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