Neuberger Berman offers $602 million CLO in its first deal of year; secondary declines

By Cristal Cody

Tupelo, Miss., Jan. 30 – The CLO new issue market is taking shape with a new deal expected by Neuberger Berman Loan Advisers LLC.

Neuberger Berman Loan Advisers plans to price $602 million of notes in six tranches.

Elsewhere, secondary trading has been strong this week.

On Tuesday, $362.65 million of investment-grade CBO/CDO/CLO issues and $112.39 million of lower-rated securities traded, according to Trace.

At the start of the week, trading volume included $324.57 million of high-grade CBO/CDO/CLO securities and $117.55 million of non-high-grade issues.

Prices on the high-grade securities averaged 97.9 on Tuesday, down from 98.3 on Monday.

Lower-rated issues traded on Tuesday also lower with an 85.9 average trading priced, compared to 86.3 in the prior session.

In its deal, Neuberger Berman Loan Advisers plans to price $602,005,000 of notes due Jan. 12, 2031 in the Neuberger Berman Loan Advisors CLO 32, Ltd./Neuberger Berman Loan Advisors CLO 32, LLC transaction, according to a market source.

Wells Fargo Securities, LLC is the placement agent.

The CLO is backed primarily by broadly syndicated first-lien senior secured corporate loans.

The deal is expected to close on March 5.

Neuberger Berman is a Chicago-based investment management firm and affiliate of Neuberger Berman Group, LLC.

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