Guggenheim, Golub bring CLO deals; middle-market volume at post-financial crisis high

By Cristal Cody

Tupelo, Miss., Dec. 18 – CLO middle-market volume is ending the year on a new post-financial crisis high following two more deals in the primary market, according to informed sources.

Guggenheim Partners Investment Management LLC closed Monday on a new $402.5 million middle-market CLO in its first new offering of 2018. Guggenheim was in the primary market at the start of the year with a $776.4 million refinancing of a vintage 2015 broadly syndicated CLO.

Also in the middle-market space, Golub Capital LLC affiliate GC Advisors LLC priced $908.2 million of notes in its fourth middle-market transaction of the year.

In addition to the middle-market deals, Golub Capital also has priced one broadly syndicated CLO in 2018.

Crossover issuance between broadly syndicated and middle-market CLOs has become popular this year, according to a Wells Fargo Securities LLC analysts’ note.

Eleven of the 17 managers that have issued middle-market CLOs year to date also issue or have affiliates with broadly syndicated CLOs, the note said.

By the end of November, middle-market volume totaled $15.7 billion from 27 deals, a new issuance high since the financial crisis and better than the $13.75 billion of CLOs priced in 24 transactions in 2017, the Wells Fargo analysts said.

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