Primary thins; rest of month forecast as busier; 3i brings first euro Volcker-compliant CLO

By Cristal Cody

Tupelo, Miss., July 17 – Activity in the CLO market on Thursday included a deal from TPG Global, LLC, according to a market source.

TPG brought the TICP CLO II, Ltd./TICP CLO II, LLC offering with a tranche of AAA-rated notes priced at Libor plus 145 basis points, a source said. Citigroup Global Markets Inc. arranged the deal.

TICP CLO II Management, LLC, a unit of TPG Institutional Credit Partners, LLC, will manage the CLO.

Final pricing details were not available by press time.

Primary action has been muted over the week following a strong start to the month, according to market sources.

“The rest of the month will still be busy because a lot of people are trying to get things done before August,” one source said.

In the European CLO market, 3i Group plc said in a statement released overnight that it has closed on the Harvest IX CLO Ltd. transaction that 3i Debt Management Investments Ltd. priced in June.

The €525 million CLO is the largest European CLO to date and is the “first loan-only Volcker compliant CLO issued in Europe,” the firm said.

© 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.