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Onex, Palmer Square price new issue CLOs; price averages higher for CBO/CDO/CLO notes
By Cristal Cody
Tupelo, Miss., May 19 – Onex Credit Partners, LLC priced about $400 million of notes in the manager’s 18th U.S. broadly syndicated CLO in a deal expected to close on May 28.
“Despite facing a very difficult market for CLO liability issuance, Onex has continued to identify opportunities for growth and achieved strong execution in the current market,” the company said in a news release on Tuesday. “The firm remains one of only a few managers issuing BBB-rated notes.”
Also in the primary market, Palmer Square Capital Management LLC priced $437.9 million of notes in a new broadly syndicated CLO offering.
Deal volume year to date totals more than $20 billion.
Looking at the secondary market, trading volume on Monday included $484.92 million of high-grade CBO/CDO/CLO notes and $74.34 million of lower-rated paper, Trace data shows.
Prices averaged 94 for the high-grade securities and 70.50 for non-high-grade CBO/CDO/CLO paper on Monday.
On Friday, $430.3 million of high-grade issues traded at an average 93.70, while $136.88 million of lower-rated securities traded at 58.90.
Palmer Square prices
Palmer Square Capital Management priced $437.9 million of notes due April 20, 2029 in the broadly syndicated Palmer Square CLO 2020-1 Ltd./Palmer Square CLO 2020-1, LLC transaction, according to market sources.
The CLO sold $270 million of class A-1 floating-rate notes at Libor plus 200 basis points at the top of the capital structure.
Barclays was the placement agent.
The notes are backed primarily by broadly syndicated first-lien senior secured loans.
Palmer Square Capital is an investment management firm based in Leawood, Kan.
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