Guggenheim Partners Europe prices €409.79 million CLO; euro supply in April active

By Cristal Cody

Tupelo, Miss., April 17 – Guggenheim Partners Europe Ltd. closed Wednesday on €409.79 million of notes in a euro-denominated CLO offering.

More than €7 billion of euro-denominated CLOs have priced year to date, market sources report.

The new issue market also has been active in April with several offerings priced, including the €507.5 million Sound Point Euro CLO I Funding DAC transaction from Sound Point Capital Management LP affiliate Sound Point CLO C-MOA, LLC on April 11. Sound Point priced the €310 million of class A floating-rate notes at Euribor plus 116 basis points.

BofA Merrill Lynch analysts forecast about €22 billion of European CLO supply in 2019, down from about €28 billion in 2018.

Guggenheim Partners Europe priced €409.79 million of notes due 2032 in the new Bilbao CLO II DAC transaction, according to a market source.

At the top of the capital stack, the CLO sold €1.4 million of class X senior secured floating-rate notes at Euribor plus 43 bps, €233 million of class A-1A senior secured floating-rate notes at Euribor plus 114 bps, €15 million of 1.48% class A-1B senior secured fixed-rate notes, €23 million of class A-2A senior secured floating-rate notes at Euribor plus 185 bps and €5 million of 2.45% class A-2B senior secured fixed-rate notes. The notes priced at par.

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