Year-end CLO pipeline steady; CSAM offers $610 million; BlueMountain to bring fourth CLO

By Cristal Cody

Tupelo, Miss., Nov. 18 – CLO market participants expect the deal pipeline to remain packed through the end of the year, sources said on Tuesday.

“The pipeline seems pretty full,” one source said. “There are a lot of warehouses out there and it looks like it’s going to be active headed into next year.”

Credit Suisse Asset Management, LLC is on the calendar with a $610 million offering, according to a market source.

The AAA-rated tranche in the Madison Park Funding XV Ltd./Madison Park Funding XV LLC deal is talked to price in the Libor plus 150 basis points area.

Citigroup Global Markets Inc. is the placement agent.

Credit Suisse Asset Management has priced three CLOs, including the $1 billion Madison Park Funding XIV Ltd./Madison Park Funding XIV LLC offering on July 7, and refinanced two vintage CLOs year to date.

The firm is a unit of Credit Suisse Group AG.

Also coming up, BlueMountain Capital Management LLC plans to bring its fourth CLO deal of the year, according to a market source.

The AAA-rated tranche of the BlueMountain CLO 2014-4 Ltd./BlueMountain CLO 2014-4 LLC offering is talked to price in the Libor plus 155 bps to Libor plus 160 bps area.

J.P. Morgan Securities LLC is the placement agent.

The New York City-based private investment firm brought three CLO transactions in 2013.

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