Romark prices CDO; Bain, MidOcean refinance; MJX plans reprint; refinancing supply eyed

By Cristal Cody

Tupelo, Miss., Feb. 21 – In new securitized supply, Romark Credit Advisors LP priced a $388 million CDO transaction.

Meanwhile in the CLO market, Bain Capital Credit Ltd. sold $606.2 million of notes in a second refinancing of a 2013 CLO.

MidOcean Credit Fund Management LP priced $489 million of notes in a refinancing of a 2017 CLO.

Coming up, MJX Asset Management LLC affiliate MJX Venture Management LLC plans to sell $457.5 million of notes in a second refinancing of a vintage 2013 CLO.

U.S. CLO refinancing activity remains strong despite a lower spread reduction, according to a Fitch Ratings report on Friday.

The difference between average new and refinanced broadly syndicated CLO AAA notes is at “the widest it has been since YE 2017,” Fitch said.

“There are at least 14 CLOs expected to refinance ‘AAAsf’ notes in first-quarter 2020 and these averaged 105 [basis points], while new and reissue senior-most notes that we expect to price averaged 129 bps,” Fitch said.

Elsewhere, outflows from leveraged loans increased over the past holiday-shortened market week ended Wednesday to $230 million from $120 million in the prior week, according to a BofA Securities, Inc. research note released on Friday.

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