CLO market activity thins; LCM Asset Management, Carlyle Investment Management prep deals

By Cristal Cody

Tupelo, Miss., June 26 – Light CLO primary activity is forecast in the week ahead as June comes to a close, according to market sources on Friday.

LCM Asset Management LLC is in the pipeline with a $617.5 million CLO deal.

Carlyle Investment Management LLC also intends to bring $513 million of notes due 2028 in the Carlyle Global Market Strategies CLO 2015-3, Ltd./Carlyle Global Market Strategies CLO 2015-3 LLC offering via JPMorgan Securities LLC.

More than $62 billion of U.S. dollar-denominated CLOs have priced year to date, according to data compiled by Prospect News.

LCM Asset Management plans to price $617.5 million of notes due 2027 in the LCM XIX LP/LCM XIX LLC offering, according to a market source.

The transaction includes $363 million of class A floating-rate notes (/AAA/); $81 million of class B floating-rate notes (/AA/); $45 million of class C deferrable floating-rate notes (/A/); $34.5 million of class D deferrable floating-rate notes (/BBB/); $27 million of class E deferrable floating-rate notes (/BB-/) and $67 million of limited participation certificates.

Morgan Stanley & Co. LLC is the placement agent.

LCM Asset Management is the CLO manager.

The deal is backed primarily by broadly syndicated senior secured corporate loans.

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