Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers T > Headlines for TIBCO Software Inc. > News item |
Secondary loan market unchanged to better with CLO interest picking up
By Sara Rosenberg
New York, Oct. 3 – The secondary market on Monday saw some increased activity from CLOs but generally speaking levels were unchanged to up a little bit on the day.
One example of a gain was Citrix Systems Inc.’s (Tibco Software Inc.) term loan B, which was quoted by one trader at 89¼ bid, 90¼ offered, up from 89 bid, 90 offered on Friday.
Pricing on the U.S. term loan B is SOFR+10 basis points CSA plus 450 bps with a 0.5% floor and it was sold at an original issue discount of 91, so the debt is still trading below its recent issue price.
Fort Lauderdale, Fla.-based Citrix is a provider of secure, unified digital workspace technology.
According to one trader, some lower quality loans were down by as much as a half a point and some higher quality loans were up by as much as half a point, which when combined, had the overall market pretty much unchanged on the day.
The trader explained that a lot of people have cash to put to use and there’s more CLO activity because of quarter end amortization, so some names, like Citrix, traded higher.
Another trader had the general secondary market flat to up a quarter of a point. This trader said trading volume was “lightish” but “CLOs nibbling and outflows are light.”
© 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.