| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers M > Headlines for Madison Park Funding XIX, Ltd. > News item |
CSAM plans third refinancing of CLO; refinancings outpace new CLO issues year to date
By Cristal Cody
Tupelo, Miss., Feb. 19 – Credit Suisse Asset Management, LLC plans to price $450 million of notes in a third refinancing of a vintage 2016 broadly syndicated CLO.
The refinancing space remains strong in 2020 with more than $9 billion of vintage CLOs refinanced year to date, outpacing new issue supply of more than $6 billion, according to market sources.
Several more dollar-denominated vintage CLOs are expected to be refinanced soon, a source said.
In other activity, securitized secondary trading was moderate on Tuesday following the market holiday on Monday, Trace data shows.
During the session, $194.48 million of high-grade CBO/CDO/CLO paper and $44.75 million of lower-rated CBO/CDO/CLO issues were traded.
The investment-grade securities traded at a 98.40 average price and 96.90 weighted average price, while the non-high-grade issues traded at an average 97.20 price and 97.80 weighted average price.
CSAM to price notes
Credit Suisse Asset Management plans to price $450 million of notes due Jan. 24, 2028 in the refinancing transaction, according to a notice of proposed fourth supplemental indenture.
The Madison Park Funding XIX Ltd./Madison Park Funding XIX LLC refinancing deal includes $396 million of class A-1-R2 floating-rate notes (expected ratings Aaa//AAA), $59.8 million of class A-2-R2 floating-rate notes (expected rating Aa2), $16 million of class B-1-R2 deferrable floating-rate notes (expected rating A2) and $14.2 million of class B-2-R2 deferrable floating-rate notes (expected rating A2).
MUFG is the refinancing placement agent.
The original $609.75 million CLO was issued on Dec. 29, 2015 and was partially refinanced on March 2, 2018 and on May 16, 2019.
Credit Suisse Asset Management is a unit of Credit Suisse Group AG.
© 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.