Cairn brings euro CLO; Europe market active; NYL Investors prices $407.2 million CLO

By Cristal Cody

Tupelo, Miss., Nov. 5 – Cairn Loan Investments LLP priced a new euro-denominated CLO offering on Tuesday.

Citigroup Global Markets Ltd. was the placement agent, a source said.

Final pricing details were not immediately available.

The euro-denominated CLO market is heating up with a number of new issue and refinancings in the works, including from Bain Capital Credit, Ltd. and CVC Credit Partners Group Ltd., according to market sources.

Year-to-date issuance of €26 billion is €3 billion ahead of 2018 volume, according to a Wells Fargo Securities LLC research note on Monday.

“We expect €30 billion in new issuance throughout 2019,” the Wells Fargo note said.

Meanwhile, details emerged on NYL Investors LLC’s new $407.2 million CLO deal.

The U.S. primary market is expected to see “moderate supply” through the remainder of the year, according to the Wells Fargo note.

Year to date, dollar-denominated volume of $99 billion is behind 2018 issuance of $110 billion but is expected to match that total by year-end, the report said.

Meanwhile, the number of CLOs being refinanced has slowed to about $44 billion so far this year from $141.9 billion of volume in the same period in 2018, the Wells Fargo note said.

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