Onex prices €251.5 million CLO; BlueBay brings €250.5 million deal; secondary better

By Cristal Cody

Tupelo, Miss., June 17 – The European CLO primary market is picking up this week with two new reported transactions.

Onex Credit Partners, LLC priced €251.5 million of notes in the manager’s first euro-denominated CLO offering of the year.

Also, BlueBay Asset Management LLP sold €250.5 million of notes in its first euro-denominated broadly syndicated CLO deal.

In other activity, AGL Credit Management LP closed Wednesday on its previously reported $600 million AGL CLO 5 Ltd./AGL CLO 5 LLC transaction. The CLO priced $355.8 million of class A-1 floating-rate notes at Libor plus 205 basis points at the top of the capital structure.

AGL has priced three CLOs year to date.

More than $28 billion of dollar-denominated CLOs and more than €7 billion of European CLOs have priced so far this year, according to market sources.

Looking at the securitized secondary market, trading volume climbed higher in the previous session, according to Trace data.

Secondary market volume included $854.83 million of high-grade CBO/CDO/CLO securities and $408.05 million of lower-rated paper on Tuesday.

Volume was up from $537.83 million of high-grade issues and $213.46 million of non-high-grade paper traded on Monday.

High-grade CBO/CDO/CLO paper averaged higher at 97.30 in the previous session, and lower-rated paper traded better at an average 79.40.

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