CLO primary active; Bain, Morgan Stanley, Barings, Silver Rock price; Eaton Vance eyed

By Cristal Cody

Tupelo, Miss., Nov. 3 – New issue supply continues to remain strong in the CLO market headed into the year’s end.

Bain Capital Credit LP issued $499 million of notes in the manager’s fourth CLO offering of the year.

Morgan Stanley Investment Management Inc. subsidiary MS 522 CLO Manager LLC priced $404 million of notes in the manager’s first deal of 2020.

Barings LLC brought a $396.45 million new broadly syndicated CLO to the primary market in its third transaction this year.

Meanwhile, Silver Rock Management LLC issued $347.55 million of notes in the company’s first broadly syndicated CLO offering.

Also on Tuesday, Eaton Vance Management closed on its previously reported $403,225,000 Eaton Vance CLO 2020-2 Ltd./Eaton Vance CLO 2020-2, LLC offering, which placed the senior tranche of notes at Libor plus 137 basis points.

About $70 billion of dollar-denominated broadly syndicated CLOs have priced year to date, according to market sources.

Bain Capital prices

Bain Capital Credit issued $499 million of notes due Oct. 20, 2033 in the offering, according to market sources.

Bain Capital Credit CLO 2020-4 Ltd./Bain Capital Credit CLO 2020-4 LLC sold $300 million of class A-1 senior secured floating-rate notes at Libor plus 141 bps at the top of the capital stack.

Credit Suisse Securities (USA) LLC was the placement agent.

Bain Capital Credit U.S. CLO Manager LLC will manage the CLO.

The offering is backed primarily by broadly syndicated first-lien senior secured loans.

Bain Capital has priced four new CLOs year to date.

The asset management firm is based in Boston.

Morgan Stanley taps market

MS 522 CLO Manager priced $404 million of notes due Oct. 23, 2033 in the 522 Funding CLO 2020-6 Ltd./522 Funding CLO 2020-6 LLC transaction that closed on Tuesday, according to market sources.

The CLO sold $256 million of the class A floating-rate notes at Libor plus 134 bps.

Morgan Stanley & Co. LLC was the placement agent.

The offering is backed primarily by broadly syndicated first-lien senior secured loans.

The deal is the company’s first CLO of 2020.

Morgan Stanley Investment Management is a New York-based capital manager and subsidiary of financial products and services company Morgan Stanley.

Barings prices

Barings priced $396.45 million of notes due Jan. 15, 2034 in its broadly syndicated CLO deal, according to market sources.

Barings CLO Ltd. 2020-III/Barings CLO Ltd. 2020-III LLC sold $252 million of class A-1 floating-rate notes at Libor plus 130 bps in the senior tranche.

Morgan Stanley was the placement agent.

The deal is backed primarily by broadly syndicated first-lien senior secured loans.

Barings has priced three new CLOs year to date.

The Charlotte, N.C.-based CLO manager is a subsidiary of Massachusetts Mutual Life Insurance Co.

Silver Rock CLO prints

In the debut offering, Silver Rock Management issued $347.55 million of notes due Oct. 20, 2031 in the broadly syndicated CLO transaction that closed on Tuesday, according to market sources.

Silver Rock CLO I, Ltd./Silver Rock CLO I, LLC sold $210 million of the class A floating-rate notes at Libor plus 165 bps.

Citigroup Global Markets Inc. was the placement agent.

The CLO is backed mainly by broadly syndicated senior secured loans.

Silver Rock Management is a subsidiary of Los Angeles-based Silver Rock Financial LP.

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