CSAM, GoldenTree, Ares in CLO deal pipeline; new managers eye U.S. primary market

By Cristal Cody

Tupelo, Miss., Jan. 18 – CLO deal volume revved up on Friday with details out on three new transactions being offered in the U.S. and European primary markets.

Credit Suisse Asset Management Ltd. plans to tap the European primary market in its first CLO transaction of 2019. The CLO manager is offering €407.4 million of notes.

In the U.S. market, GoldenTree Asset Management LP plans to price a $757 million CLO.

Also, Ares Management LLC intends to bring a $507.05 million CLO to the primary market.

Fitch Ratings said in a report on Friday that 11 managers issued new CLOs in the U.S. market in 2018, and some managers are already eyeing the primary market in 2019.

In its deal, Credit Suisse Asset Management is offering €407.4 million of notes due Jan. 15, 2032 in the deal, according to a market source and ratings report from Fitch.

The Cadogan Square CLO XIII DAC offering includes €1.5 million of class X floating-rate notes (//AAA); €246 million of class A floating-rate notes (//AAA); €40 million of class B floating-rate notes (//AA); €26 million of class C fixed-rate notes (//A); €26 million of class D floating-rate notes (//BBB-); €22 million of class E floating-rate notes (//BB-); €9 million of class F floating-rate notes (//B-) and €36.9 million of subordinated notes.

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