CSAM, LCM price firms’ first new issue CLOs of year; Accunia reprints €477.03 million

By Cristal Cody

Tupelo, Miss., April 10 – Two more CLO managers tapped the CLO primary market with their first offerings of the year.

Credit Suisse Asset Management, LLC priced $503.3 million of notes in its first CLO transaction of 2019.

LCM Asset Management LLC sold $404.55 million of notes at par in its first new issue deal this year. LCM also has refinanced one vintage CLO year to date.

In refinancing activity, details emerged on Accunia Fondsmaeglerselskab A/S’ €477.03 million reissue of a 2016 euro-denominated CLO.

Year to date, about $30 billion of new issue CLOs have priced, while about $9 billion of dollar-denominated CLOs and about €1 billion of European CLOs have been refinanced, according to market sources.

In its deal, Credit Suisse Asset Management sold $503.3 million of notes due April 25, 2031 in the Madison Park Funding XXXIV Ltd./Madison Park Funding XXXIV LLC transaction, according to market sources.

At the top of the capital structure, the CLO sold $294.5 million of class A-1 floating-rate notes at Libor plus 133 basis points, $27.8 million of 3.97% class A-2 fixed-rate notes and $50.1 million of class B floating-rate notes at Libor plus 185 bps.

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

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