CLO primary action slows through rest of year; December deal volume strong; AAAs unchanged

By Cristal Cody

Tupelo, Miss., Dec. 24 – CLO primary and secondary action is expected to cool through the remainder of the year and pick up again in January.

More than $7 billion of U.S. CLOs have priced in 15 deals so far in December, the busiest month the market has seen since October’s supply of $8.2 billion, according to informed sources and Prospect News data. In November, $4.8 billion of CLOs priced.

MJX Asset Management LLC tapped the market earlier in the week with a $400.5 million transaction, Venture XXII CLO, Ltd./Venture XXII CLO LLC, via Jefferies LLC.

The month also has seen €2.8 billion of CLOs price in the European primary markets from managers that include CELF Advisors LLP.

U.S. CLO spreads are ending the year mostly unchanged with AAA-rated notes at the Libor plus 165 basis points area, a source said.

© 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.