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CLO pipeline climbs to nearly $15 billion; primary quiet on week; 3i preps European deal
By Cristal Cody
Tupelo, Miss., May 30 - The pipeline for upcoming collateralized loan obligation deals climbed to nearly $15 billion, according to a market source on Friday.
CLO managers have 29 deals totaling $14.9 billion in the works, according to the source.
Market sources expect June to be active following strong issuance in April and May.
More than $10 billion of CLOs priced in May, including Onex Credit Partners LLC's $1 billion OCP CLO 2014-6 Ltd./OCP CLO 2014-6 Corp. deal.
Year-to-date, more than $50 billion of CLOs have priced globally, according to market sources.
Primary activity over the week was mostly quiet with one transaction from 3i Debt Management U.S. LLC brought on Wednesday, according to a market source.
3i Debt Management sold the upsized $617.4 million Jamestown CLO IV Ltd./Jamestown CLO IV Corp. deal via Citigroup Global Markets Inc.
3i Debt Management Investments Ltd. also plans to be in the European primary market with a CLO deal, according to a source on Friday.
Market participants were focused on the Bank of England/European Central Bank discussion paper, "The case for a better functioning securitization market in the European Union" released early Friday.
The Loan Syndications and Trading Association said in a market report on Friday that "while U.S. CLO outstandings have been increasing, European CLO outstandings have been declining. Though Europe has recovered a bit, seeing some €4.5 billion of CLO issuance this year, issuance has not kept up with the amortization of existing European CLOs."
3i preps Harvest IX CLO
3i Debt Management Investments plans to price the Harvest IX CLO Ltd. transaction in June, according to a market source.
Credit Suisse Securities (Europe) Ltd. is the placement agent.
3i Debt Management was last in the European market with the €425 million Harvest VIII CLO Ltd. deal in February.
The firm is part of London-based 3i Group plc.
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