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.

In its deal, 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.

© 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.