DoubleLine Capital brings new $407.9 million CLO; Cairn prices €411 million notes

By Cristal Cody

Tupelo, Miss., Feb. 6 – Both the U.S. and European CLO primary markets are picking up steam.

In the U.S. new issue market, DoubleLine Capital LP sold $407.9 million notes in a CLO deal, the firm’s third CLO transaction to date.

Overseas, Cairn Loan Investments LLP brought a €411 million CLO to the primary market.

In other activity, the securitized secondary market saw $65.22 million of high-grade CBO/CDO/CLO issues trade on Monday, Trace reported. The session also had $157.7 million of non-investment-grade securities trade.

In its deal, DoubleLine Capital priced $407.9 million notes due April 20, 2031 in the new Parallel 2018-1 Ltd./Parallel 2018-1 LLC CLO deal, according to a market source.

The CLO sold $260 million of class A-1 floating-rate notes at Libor plus 113 basis points in the senior tranche.

Citigroup Global Markets Inc. arranged the offering.

The investment management firm is based in Los Angeles.

Meanwhile, Cairn Loan Investments sold €411 million of notes due April 2032 in the new Cairn CLO IX BV transaction, according to market sources.

The CLO priced €247.5 million of class A senior secured floating-rate notes at Euribor plus 71 bps at the top of the capital stack.

Citigroup Global Markets Ltd. arranged the offering.

The CLO manager is based in London.

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