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August CLO volume ramps up; CLO spreads flat to tighter in secondary trading
By Cristal Cody
Eureka Springs, Ark., Aug. 15 – New CLO issuance includes deals from MJX Asset Management LLC and 3i Debt Management U.S. LLC, while CLO spreads are trading mid-month flat to tighter in the secondary market, according to sources on Monday.
MJX Asset Management priced the Venture XXIV CLO, Ltd. offering via Jefferies LLC.
3i Debt Management U.S. LLC came with the Jamestown CLO IX, Ltd.
Also, Cerberus Capital Management, LP brought a middle-market CLO transaction via Natixis Securities America LLC. Final pricing details were not available by press time.
U.S. BWIC volumes totaled about $720 million in the U.S. secondary market over the past week, according to a BofA Merrill Lynch report.
CLO AAA-rated spreads ended Friday flat at Libor plus 150 basis points, the note said.
BBB-rated notes were unchanged on the week at Libor plus 475 bps. B spreads closed the week 50 bps tighter at Libor plus 1,250 bps.
The European CLO secondary market saw about €53 million of BWIC volumes over the past week, mostly concentrated in A and BBB bonds, according to the note.
“Demand remains strong amid limited supply, helping spreads continue to tighten for this part of the market,” BofA Merrill Lynch analysts said in the note. “Single A bonds are generally trading at spreads in the low/mid 200s, while BBB spreads are trading in the mid-300s, each about 50 bps tighter over the last month.”
Euro-denominated CLO AAAs ended Friday flat on the week at Euribor plus 130 bps. BBB notes tightened 10 bps over the week to Euribor plus 420 bps, while B spreads firmed 15 bps to Euribor plus 960 bps.
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