Ares LIV CLO prices 402.1 million for mid-November; Anchorage Credit Funding 9 CDO closes

Chicago, Nov. 1 – The primary market for collateralized paper was subdued on Friday, but domestic U.S. issuance picked up after a quiet Thursday.

Ares CLO Management LLC priced $402.1 million of notes in the new Ares LIV CLO Ltd./Ares LIV CLO LLC transaction.

And, in a CDO that is collateralized by corporate bonds and loans, Anchorage Capital Group, LLC closed on a new $405 million offering with Anchorage Credit Funding 9, Ltd./Anchorage Credit Funding 9, LLC listed as issuers.

In the secondary space, trading was active on Thursday, the last date for which data is available.

Approximately $550 million of trading took place in the CBO/CLO/CDO markets, according to Trace data.

In the investment-grade sector, $441.48 million exchanged hands at an average price of 96.3 in 80 trades.

And, in the non-investment-grade sector, $107.85 million of collateralized debt was traded for an average price of 89.5 in 45 trades.

In its fourth CLO of 2019, Ares CLO Management plans to close on its new portfolio on Nov. 15.

The new notes, which are over 85% ramped up, have a weighted average life of 5.2 years.

The weighted average spread is 3.46%.

A maximum of 60% of the loans can be covenant lite.

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