CLO primary activity subdued; secondary trading volume tops $1 billion

Chicago, July 23 – There was hardly any activity in the collateralized loan obligation market on Thursday, but secondary volume jumped for the third day in a row in the July 20 week.

With no new paper, trading stayed busy in the secondary with more trades on Wednesday than Tuesday.

According to Trace, the CBO/CDO/CLO asset class surpassed $1 billion on Wednesday, the bulk of that in investment grade.

The high-grade market had $942.15 million exchange hands with 68 unique traders. This was up from 66 entities on Tuesday exchanging $814.42 million.

Lower grade paper was nearly flat from Tuesday to Wednesday, with $161.66 million being traded from 27 active parties.

On Monday, $700 million in both sectors moved around.

Apidos XXXIII

CVC Credit Partners, LLC announced that it closed its Apidos CLO XXXIII/Apidos CLO XXXIII LLC fund totaling $400 million.

The deal included $256 million of class A floating-rate notes at Libor plus 170 basis points at the top of the stack.

This is actually the firm’s second CLO to close within the last month. The other CLO that closed was Cordatus XVII, a €290 million European focused transaction.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.