Europe, U.S. primary markets busy; BlueMountain preps CLO; secondary spreads ‘stabilized’

By Cristal Cody

Tupelo, Miss., Dec. 4 – December is starting off with steady CLO primary action in the U.S. and European primary markets, according to sources on Friday.

CELF Advisors LLP was expected to price a €517 million CLO deal via Morgan Stanley & Co. LLC.

The Carlyle Global Market Strategies Euro CLO 2015-3 D.A.C. offering includes €285 million of class A-1 senior secured floating-rate notes (Aaa/AAA); €75.6 million of class A-2 senior secured floating-rate notes (Aa2/AA); €33 million of class B senior secured deferrable floating-rate notes (A2/A); €20.6 million of class C senior secured deferrable floating-rate notes (Baa2/BBB); €31.2 million of class D senior secured deferrable floating-rate notes (Ba2/BB); €15.7 million of class E senior secured deferrable floating-rate notes (B2/B-) and €55.1 million of subordinated notes.

On Wednesday, Blackstone/GSO Debt Funds Management Europe Ltd. priced the €414 million Tymon Park CLO Ltd. transaction.

Coming up in the U.S. primary market, BlueMountain Capital Management LLC is in the deal pipeline with a $505.75 million CLO.

“Despite intra-year turbulence, the market has issued a robust $90 [billion],” Barclays Bank plc analysts said in a report on Friday. “Secondary levels have remained wide of the mid-year tights but are mostly at similar or tighter levels than year-end 2014. Spreads have stabilized in recent weeks, spurring a pick-up in buyer interest.”

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