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MJX to refinance $384 million CLO notes; CBO/CDO/CLO prices soften in secondary trading
By Cristal Cody
Tupelo, Miss., Dec. 4 – MJX Asset Management LLC is preparing to refinance $384 million of notes in December.
More than $40 billion of vintage CLOs have been refinanced year to date, according to market sources.
New issue dollar-denominated volume totals about $100 billion so far this year.
In other activity, secondary market volume remains elevated for high-grade CBO/CDO/CLO tranches, but prices have softened this week.
On Tuesday, $278.39 million of issues were traded, up from $266.35 million in Monday’s session, according to Trace data.
The issues traded at an average price of 97.60, down from 98.00 on Monday.
Prices also were softer in lower-rated securities with volume improved. Lower-rated trading volume totaled $125.46 million on Tuesday, compared to $98.47 million traded on Monday.
The average price for non-high-grade CBO/CDO/CLO issues softened to 77.30 from an average 85.10 price at the start of the week.
MJX preps CLO reprint
MJX Asset Management plans to refinance $384 million of notes due April 20, 2029 from the vintage CLO in December, according to a notice of optional redemption by refinancing of class A notes on Monday.
Venture XXV CLO, Ltd. intends to price $384 million of class A-R senior secured floating-rate notes (expected ratings Aaa//AAA).
Jefferies LLC and Mizuho Securities USA Inc. are the refinancing placement agents.
The CLO plans to refinance $369 million of class A-1 senior secured floating-rate notes and $15 million of class A-F senior secured fixed-rate notes.
In the original $601.6 million transaction issued Dec. 20, 2016, the CLO sold $369 million of class A-1 senior secured floating-rate notes at Libor plus 149 basis points and $15 million of 3.1% class A-F senior secured fixed-rate notes.
The asset management company is based in New York City.
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