York prices $402.8 million broadly syndicated CLO; secondary market volume strong

By Cristal Cody

Tupelo, Miss., Jan. 23 – York CLO Managed Holdings, LLC priced a $402.8 million deal in the manager’s first broadly syndicated CLO to be issued in 2020.

The CLO refinancing space has been busy so far in January with deals from managers including Oak Hill Advisors LP, CIFC Asset Management LLC affiliate CIFC CLO Management LLC and Anchorage Capital Group, LLC.

Meanwhile, secondary activity has been strong this week and month to date.

On Wednesday, $600.18 million of investment-grade CBO/CDO/CLO paper traded at a 99.60 average price and 99.80 weighted average price, according to Trace data.

The session also saw $303.72 million of lower-rated CBO/CDO/CLO issues trade at a 92.60 average price and a 91.70 weighted average price.

In the same period last week, $460.43 million of high-grade paper and $280.39 million of lower-rated CBO/CDO/CLO issues were traded.

The investment-grade securities traded at a 99.50 average price and 99.50 weighted average price, while the non-high-grade issues traded at an average 93.10 price and 87.90 weighted average price.

At the start of the week following the market holiday on Monday, trading volume on Tuesday included $472.72 million of investment-grade CBO/CDO/CLO issues and $114.8 million of lower-rated CBO/CDO/CLO paper.

The investment-grade securities traded at a 99.40 average price and 99.60 weighted average price, while the non-high-grade issues traded at an average 96.90 price and 97.50 weighted average price.

In the same period a week ago, $513.05 million of investment-grade CBO/CDO/CLO issues and $442.43 million of lower-rated CBO/CDO/CLO paper traded.

The investment-grade securities traded at a 99.50 average price and 99.60 weighted average price, while the non-high-grade issues traded at an average 89 price and 82.70 weighted average price.

York CLO 7 prints

York CLO Managed Holdings priced $402.8 million of notes due Jan. 22, 2033 in the new offering, according to market sources.

York CLO-7 Ltd./York CLO-7 LLC sold $230.5 million of class A-1 floating-rate notes at Libor plus 137 basis points at the top of the capital stack.

Barclays was the placement agent.

The notes are backed primarily by senior secured loans.

The New York City-based firm is a subsidiary of York Capital Management Global Advisors, LLC.

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