CSAM, BlackRock, CVC Credit Partners tap U.S. CLO market; Italian bank Banca Carige prices

By Cristal Cody

Tupelo, Miss., Dec. 7 – CLO managers Credit Suisse Asset Management, LLC, BlackRock Financial Management, Inc. and CVC Credit Partners, LLC priced about $1.6 billion of new CLO notes, while Italian bank Banca Carige Italia SpA brought a euro-denominated SME CLO deal.

Credit Suisse Asset Management priced $609.75 million of notes in its fourth new U.S. CLO deal of the year.

BlackRock Financial Management priced a $506.5 million CLO, also its fourth transaction of 2015.

CVC Credit Partners returned to the primary market for the third time in 2015 with a new $499.88 million CLO offering.

In euro-denominated primary action, Banca Carige priced a €716.8 million two-part deal.

Global CLO volume totals more than $133 billion from 244 deals year to date, according to Prospect News data.

Credit Suisse Asset Management placed $609.75 million of notes in the Madison Park Funding XIX Ltd./Madison Park Funding XIX LLC transaction, according to a market source.

The CLO priced $387 million of class A-1 floating-rate notes at Libor plus 152 basis points and $68.8 million of class A-2 floating-rate notes at Libor plus 230 bps in the senior tranches.

Citigroup Global Markets Inc. was the placement agent.

The firm has priced four U.S. CLO deals and refinanced one vintage CLO transaction year to date.

Credit Suisse Asset Management is a unit of Credit Suisse Group AG.

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