Voya Alternative prices €405.18 million CLO; new euro, dollar volume forecast to slow

By Cristal Cody

Tupelo, Miss., May 6 – Voya Alternative Asset Management LLC priced €405.18 million of notes in the manager’s second broadly syndicated CLO offering of the year.

Voya was last in the primary market on Feb. 13 with a $398.7 million dollar-denominated CLO.

The CLO manager issued its first euro offering, the €356.3 million Voya Euro CLO I DAC offering, on May 15, 2018.

About €10 billion of euro-denominated CLOs have priced year to date, according to market sources.

The space is predicted to see a total of €25 billion of issuance in 2019, according to a BofA Merrill Lynch research note released on Monday.

While issuance was strong in the first quarter, the pipeline is expected to slow over the second quarter, the note said.

“We think some of the deals that have priced so far this year likely had warehouses opened when loan and CLO pricing conditions were much more favorable in the first three quarters of 2018,” the note said. “With reports suggesting a slower pace of warehouse openings so far in 2019, we think the pace of CLO issuance is likely to ease in Q2 2019.”

About $40 billion of dollar-denominated CLOs have priced year to date.

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