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Guggenheim sells €412.2 million CLO; Redding Ridge prices; AMMC CLO refinances again
By Cristal Cody
Tupelo, Miss., May 1 – Guggenheim Partners Europe Ltd. tapped the primary market with a new €412.2 million euro-denominated CLO offering.
The European deal market picked up steam in April with several new transactions and refinanced CLOs brought to market.
European supply is forecast to total €22 billion to €25 billion in 2018 with more than €9 billion of issues priced year to date, a BofA Merrill Lynch note said.
In new U.S. volume, Redding Ridge Asset Management, LLC sold $856.75 million of notes in a broadly syndicated CLO.
Also, American Money Management Corp. priced $452.1 million of notes in a reset and second refinancing of a vintage 2012 CLO.
More than $35 billion of U.S. broadly syndicated CLOs and more than $46 billion of refinanced CLOs have priced year to date, market sources report.
Just in April, nearly $18 billion of vintage U.S. CLOs were refinanced, according to BofA Merrill Lynch.
In its deal, Guggenheim Partners Europe priced €412.2 million of notes due July 15, 2031 in the Bilbao CLO I DAC transaction, according to a market source.
The CLO sold €206 million of class A-1A senior secured floating-rate notes at Euribor plus 77.5 basis points in the senior tranche.
Citigroup Global Markets Ltd. was the placement agent.
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