Barings plans $505.7 million CLO offering; securitized secondary trading volume light

By Cristal Cody

Tupelo, Miss., Feb. 6 – Barings LLC plans to price $505.7 million of notes in the manager’s first CLO deal of 2019.

The CLO manager brought four new issue CLOs to the primary market in 2018.

The European primary market also is gaining traction after a few issues priced in late January. A new €412.2 million CLO deal, Aqueduct European CLO 3-2019 DAC, is in the works from HPS Investment Partners CLO (UK), LLP.

Meanwhile, securitized secondary trading volume on Tuesday included $170.84 million of high-grade CBO/CDO/CLO securities and $81.3 million of lower-rated issues, according to the latest data from Trace.

In its deal, Barings plans to price $505.7 million of notes due April 15, 2031 in the Barings CLO Ltd. 2019-I/Barings CLO Ltd. 2019-I LLC offering via Barclays, according to a market source.

The deal includes $2.5 million of class X floating-rate notes (AAA); $294 million of class A-1 floating-rate notes (AAA); $27.5 million of class A-2 floating-rate notes (/non-rated/); $49 million of class B floating-rate notes; $36.5 million of class C deferrable floating-rate notes (A); $29.25 million of class D deferrable floating-rate notes (BBB-); $21.75 million of class E deferrable floating-rate notes (/non-rated/) and $45.2 million of subordinated notes.

The offering is expected to settle March 28.

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