Ares prices $613 million CLO; Carlyle brings €500 million deal; equity spread limits trade

By Cristal Cody

Tupelo, Miss., Feb. 3 – Primary activity continued with deals priced in the U.S. and European CLO markets, sources said on Tuesday.

Ares Management LLC brought a $613 million CLO offering, pricing the AAA-rated tranche of notes at Libor plus 150 basis points, according to a market source.

In addition, the Carlyle Group LP priced a €500 million deal in the year’s first European CLO transaction, a source said.

While secondary activity improved in the previous week on quiet primary action, that likely will change over the week, Wells Fargo Securities, LLC senior analyst Dave Preston and associate analyst Jason McNeilis said in a note on Tuesday.

“This week looks to see less secondary activity as the primary market emerges from hibernation,” the analysts said. “The bid/ask spread in equity prices is still wide, limiting trading.”

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