PGIM, Commerzbank price new euro CLOs; Halcyon refinances 2014 CLO notes

By Cristal Cody

Tupelo, Miss., May 2 – New European CLO deal volume totals nearly €5 billion year to date following two new transactions, according to market sources.

PGIM, Ltd. came to the primary market with a €478.8 million offering.

Commerzbank AG, London Branch sold €354.4 million of notes in its transaction.

Looking at U.S. refinancing action, Halcyon Loan Management, LLC detailed its $451 million vintage 2014 CLO refinancing deal.

More than $69 billion of U.S. CLOs and about €8 billion of euro CLOs have been refinanced year to date, according to market sources.

In its deal, PGIM sold €478.8 million of notes due May 15, 2030 in a new euro-denominated CLO, according to a market source.

Dryden XXVII-R Euro CLO 2017 BV priced €251.2 million of class A-1 senior secured floating-rate notes at Euribor plus 87 basis points at the top of the capital structure.

J.P. Morgan Securities plc was the placement agent.

Separately, Commerzbank, London Branch priced €354.4 million of notes due April 26, 2027 in the Bosphorus CLO III DAC offering, according to a market source.

Bosphorus CLO III sold €219.4 million of class A secured floating-rate notes at Euribor plus 85 bps in the senior tranche.

Stifel, Nicolaus & Co., Inc. arranged the deal.

Commerzbank AG Debt Fund Management, a fund management business of Commerzbank AG, London Branch, will manage the CLO.

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