Neuberger Berman, GSO/Blackstone, Redding Ridge price CLOs; secondary paper softens

By Cristal Cody

Tupelo, Miss., April 16 – Three more managers have brought new CLO deals to the primary market.

Neuberger Berman Loan Advisers LLC priced a $504.38 million broadly syndicated CLO transaction that closed on Thursday.

GSO/Blackstone Debt Funds Management LLC also priced $501.7 million of notes in a new CLO offering set to close on Monday.

In addition, Redding Ridge Asset Management, LLC priced a $446.5 million CLO that closes on Friday.

Looking at the securitized secondary market, prices softened in the prior session.

On Wednesday, $683.75 million of high-grade CBO/CDO/CLO issues and $185.77 million of non-high-grade paper traded, according to Trace data.

High-grade CBO/CDO/CLO average prices fell to 88.40 on Wednesday from 92.30 on Tuesday and 92 on Monday.

Average prices for non-high-grade paper softened to 67.70 from 70.10 on Tuesday and 72.90 at the start of the week.

Secondary market volume totaled $573.54 million on Tuesday and $242.51 million on Monday, while non-high-grade volume reached $424.88 million on Tuesday and $76.28 million during Monday’s session.

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