Bain Capital prices €304.4 million; Bridgepoint brings debut CLO; MJX taps market

By Cristal Cody

Tupelo, Miss., Nov. 19 – The European CLO primary market is picking up activity in November with two more new issues.

Bain Capital Credit, Ltd. affiliate Bain Capital Credit U.S. CLO Manager, LLC priced €304.4 million of notes in the manager’s first new euro-denominated CLO offering of 2020.

Meanwhile, Bridgepoint Credit Management Ltd. priced a debut €301.85 million European broadly syndicated CLO.

In the dollar-denominated space, MJX Asset Management LLC sold $451.87 million of notes in the manager’s second new issue CLO offering of the year.

More than $13 billion of euro-denominated CLOs and about $70 billion of dollar-denominated broadly syndicated CLOs have priced year to date, according to market sources.

In its deal, Bain Capital Credit U.S. CLO Manager priced €304.4 million of notes due Jan. 17, 2033 in the new euro-denominated CLO, according to a market source.

Bain Capital Euro CLO 2020-1 DAC sold €182.4 million of the class A senior secured floating-rate notes at Euribor plus 110 basis points.

Separately, Bridgepoint Credit Management priced €301.85 million of notes due Jan. 16, 2034 in its offering, according to market sources.

Bridgepoint CLO 1 DAC sold €180 million of class A senior secured floating-rate notes at Euribor plus 121 bps in the AAA-rated tranche.

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