Oaktree, GSO/Blackstone, Symphony, Och-Ziff, BlueMountain price; Maranon CLO debuts

By Cristal Cody

Tupelo, Miss., Dec. 21 – Details emerged on new CLO transactions priced in December, bringing the month’s issuance to about $5 billion, according to market sources and Prospect News data on Monday.

GSO/Blackstone Debt Funds Management LLC sold $506.5 million in its CLO deal.

Oaktree Capital Management LP priced a $435.2 million three-part CLO.

Symphony Asset Management LLC printed a $504.5 million offering.

Och-Ziff Loan Management LP placed a $507.42 million CLO.

BlueMountain Capital Management LLC sold $505.75 million of notes in the firm’s fourth CLO offering of the year.

The middle-market space saw its first deal since October from debut manager Maranon Capital, LP, which priced a $354.75 million CLO and placed the AAA-rated tranche at Libor plus 210 basis points.

Middle-market CLO issuance has slowed, with just two deals priced since October. Total year-to-date middle-market volume is $5.8 billion from 14 transactions, according to a Wells Fargo Securities, LLC report on Monday.

“BSL CLO AAA tranches have hovered in the 150-160 [bps] range in recent weeks, while recent MM CLO AAA tranches were priced between 200 bps and 210 bps,” Wells Fargo analysts said in the note. “The lack of MM CLO issuance and increased market volatility could cause spreads to widen further.”

Meanwhile, in the secondary market, broadly syndicated CLO spreads have been mostly unchanged in the days following the Federal Reserve’s interest rate hike.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.