CLO issuance light; market activity slows as November nears; action expected to pick up

By Cristal Cody

Tupelo, Miss., Oct. 30 – CLO primary action has stayed quiet over the week, though activity is expected to resume in the weeks ahead, according to market sources on Thursday.

In new deals, Apollo Global Management, LLC was in the European primary market on Tuesday with the €411 million ALME Loan Funding III Ltd. transaction.

The offering was upsized from €360 million.

Citigroup Global Markets Inc. was the placement agent.

In other European primary action, CELF Advisors LLP, part of the Carlyle Group LP, detailed the firm’s €450 million European CLO offering of fixed- and floating-rate notes on Wednesday.

In the Carlyle Global Market Strategies Euro CLO 2014-3, Ltd. offering, the CLO manager sold €257.25 million of class A-1A senior secured floating-rate notes (Aaa//AAA) at Euribor plus 127 basis points.

BofA Merrill Lynch was the placement agent.

New U.S. pricing action over the week has included the Anchorage Capital CLO 5, Ltd./Anchorage Capital CLO 5, LLC offering from Anchorage Capital Group, LLC via Morgan Stanley & Co. LLC, according to a market source.

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