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March primary robust; Arrowpoint raises $408.1 million; Prudential prices; Babson on tap
By Cristal Cody
Tupelo, Miss., March 27 – U.S. CLO issuance remains strong with about $12 billion priced in March and more than $26 billion year to date, sources said on Friday.
“CLO issuance has been strong after a slow start to the year,” Barclays Bank plc analysts said in a note. “Another six structures have priced since last Friday.”
Arrowpoint Asset Management LLC tapped the market with a $408.1 million CLO offering.
Also in pricing action, Prudential Investment Management, Inc. brought a $512 million CLO deal via Morgan Stanley & Co. LLC, according to market sources.
The AAA-rated tranche priced at Libor plus 143 basis points. Final pricing details were not available by press time.
Prudential’s new CLO had a “slightly unique structure,” according to a Wells Fargo Securities, LLC note on Friday from senior analyst Dave Preston and associate analyst Jason McNeilis. “The deal has a three-year non-call and a five-year reinvestment.”
Coming up in the pipeline, Babson Capital Management LLC plans to price a $566.25 million CLO transaction, according to a market source.
Arrowpoint Asset Management priced $408.1 million of notes due April 18, 2027 in a CLO deal, according to a market source.
Arrowpoint CLO 2015-4 Ltd./Arrowpoint CLO 2015-4 LLC sold $252.25 million of class A floating-rate notes at Libor plus 155 bps in the senior AAA tranche.
Deutsche Bank Securities Inc. was the placement agent.
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