Symphony, Wellfleet, Carlyle, American Capital price CLOs; volume down 70% from year ago

By Cristal Cody

Eureka Springs, Ark., March 22 – CLO managers Symphony Asset Management LLC, Carlyle Investment Management LLC, Wellfleet Credit Partners, LLC and American Capital CLO Management, LLC tapped the primary market with new deals.

Symphony Asset Management priced $512 million of notes in its first CLO offering of 2016.

Carlyle Investment Management tapped the U.S. primary market for the first time this year with a $402.9 million CLO vehicle.

Wellfleet Credit Partners brought a $358.5 million CLO, its second since the company began operations in 2015.

American Capital CLO Management priced $405.48 million of notes in its first CLO offering of the year.

Global year-to-date issuance is nearly $8 billion, according to J.P. Morgan Securities LLC.

“New issue activity has picked up after a slow start to the year,” the analysts said in a note. “Since the market rally started in mid-February, the last four weeks have seen $5.4 [billion of] CLO supply. Issuance is 70% less than this time last year, which had the second highest YTD tally in the last 10 years.”

Symphony Asset Management priced $512 million of notes due April 15, 2028 in the CLO deal via Goldman Sachs & Co., according to a market source.

Symphony CLO XVII Ltd./Symphony CLO XVII LLC sold $280.75 million of class A-1 senior secured floating-rate notes at Libor plus 150 basis points in the senior tranche.

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

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