Anchorage prices €411.28 million CLO; BlackRock prints; secondary mezzanine volume thin

By Cristal Cody

Tupelo, Miss., Oct. 16 – Anchorage Capital Group, LLC priced €411.28 million of notes in the new Anchorage Capital Europe CLO 3 DAC transaction.

In other market action, Spire Partners LLP closed Wednesday on its previously reported €271.5 million refinancing of notes from the vintage 2017 Aurium CLO III DAC transaction.

The CLO sold €220 million of the class A-R senior secured floating-rate notes at Euribor plus 67 basis points, compared to where the original €220 million tranche of class A notes was issued May 12, 2017 at Euribor plus 88 bps.

Year to date, euro-denominated CLO volume totals more than €22 billion with the market forecast to post €30 billion of volume for the year, according to a Wells Fargo Securities LLC research note.

In the dollar-denominated primary market, BlackRock Financial Management, Inc. priced a $522.5 million CLO.

Dollar-denominated CLO volume totals more than $89 billion year to date.

Elsewhere, secondary trading volume continues to remain thin in lower-rated tranches with market sources reporting weaker demand in October.

On Tuesday, $224.61 million of high-grade CBO/CDO/CLO issues were traded, while just $37.33 million of non-investment-grade securities traded in the securitized secondary market, according to Trace data.

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