BNP Paribas refinances tranche from 2014 CLO; non-investment-grade secondary volume strong

By Cristal Cody

Eureka Springs, Oct. 26 – More than $13 billion of CLOs have been refinanced year to date, including one tranche from a 2014 offering from BNP Paribas Asset Management Inc., according to market sources.

BNP Paribas Asset Management refinanced $222.25 million of notes.

In the securitized secondary market, trading volume was strong in the non-investment-grade sector on Tuesday, according to the latest data from Trace.

The session saw $88.4 million of high-grade CBO/CDO/CLO issues and $476.2 million of non-investment-grade securities traded.

On Monday, $42.7 million of high-grade securities and $49.2 million of non-investment-grade securities were traded.

BNP Paribas Asset Management refinanced $222.25 million of class A-R senior secured floating-rate notes due Oct. 30, 2025 in the 2014 deal, according to a market source.

BNPP IP CLO 2014-II, Ltd./BNPP IP CLO 2014-II, LLC sold the notes at Libor plus 135 basis points.

The original class A tranche priced at Libor plus 200 bps.

BNP Paribas Securities Corp. was the refinancing agent.

Proceeds will be used to redeem the original class A notes.

BNP Paribas Asset Management is a New York City-based subsidiary of BNP Paribas Investment Partners USA Holdings Inc.

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