Eaton Vance prices $403.23 million CLO; Black Diamond refinances; euro CLO AAAs tight

By Cristal Cody

Tupelo, Miss., Oct. 22 – New CLO pricing action remains strong in October.

Eaton Vance Management priced $403.23 million of notes in the manager’s second broadly syndicated CLO offering of the year.

Meanwhile, refinancing of fixed-rate tranches also continues in the CLO space.

Black Diamond Capital Management, LLC priced $55 million of notes in a partial refinancing of three fixed-rate tranches from a 2017 CLO.

New issue volume year to date includes more than $60 billion of broadly syndicated CLO issuance and over $6 billion of middle-market supply, according to market sources.

About $30 billion of CLO notes have been refinanced this year.

In October, broadly syndicated CLO AAAs are printing on average at Libor plus 130 bps, while euro-denominated AAAs are pricing at an average Euribor plus 112 bps, according to a Wells Fargo Securities, LLC report.

In its deal, Eaton Vance Management priced $403,225,000 of notes due Oct. 15, 2032 in the CLO deal, according to market sources.

Eaton Vance CLO 2020-2 Ltd./Eaton Vance CLO 2020-2, LLC sold $216 million of class A-1 floating-rate notes at Libor plus 137 bps at the top of the capital stack.

Wells Fargo Securities, LLC was the placement agent.

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