Experienced CLO managers Park Avenue and KKR each price new notes on Wednesday

Chicago, Sept. 25 – Wednesday traffic picked up after a slow Tuesday in the collateralized loan obligation primary market.

KKR Financial Advisors II, a wholly owned subsidiary of KKR Credit Advisors (US) LLC, priced a new $450 million portfolio to be issued by KKR CLO 27 Ltd.

And, Park Avenue Institutional Advisers LLC, a subsidiary of Guardian Life Insurance Co. of America, priced a new $399.65 million broadly syndicated CLO coming from Park Avenue Institutional Advisers CLO Ltd. 2019-2/Park Avenue Institutional Advisers CLO LLC 2019-2.

Away from the primary, secondary action was slow on Tuesday when only about $100 million changed hands in the CBO/CDO/CLO market.

In the investment-grade sector $74.81 million was traded for an average price of 99.2.

The average price was lower than Monday when it was 99.5, compared with 99.3 on Friday and 99.2 on Thursday.

Volume was still low on Tuesday in the low-grade market, but managed to reach $25.95 million. The average trading price was 86.8.

Volume was so low on Monday it did not register.

© 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.