Banks bring SME CLOs; BlueMountain markets $407.25 million; GSO/Blackstone ‘prolific’

By Cristal Cody

Tupelo, Miss., Aug. 18 – Details emerged on two new SME CLO deals priced in the euro-denominated primary market.

Banca Monte dei Paschi di Siena SpA priced a €2,876,600,000 offering of asset-backed floating-rate notes secured by small- and medium-sized enterprise loans.

Banca Popolare di Bari priced €557.03 million of notes in a small- and medium-sized enterprise-backed CLO deal.

Looking ahead to upcoming action in the U.S. deal market, BlueMountain Capital Management LLC plans to price a $407.25 million CLO transaction.

CIFC top manager

In the U.S. market, CIFC Asset Management LLC remains the top CLO manager through July by number of deals, managing 30 CLOs, Moody’s Investors Service said in a report on Tuesday.

Carlyle Investment Management LLC came in as the No. 2 top CLO manager with 25 CLOs, and GSO/Blackstone Debt Funds Management LLC ranked as the No. 3 U.S. manager with 24 CLOs.

Alcentra Ltd. and Blackstone/GSO Debt Funds Management Europe Ltd. tie for the top ranking through July in the European deal market with 15 CLOs each, Moody’s said.

Globally, GSO/Blackstone is the “most prolife CLO manager,” with 39 CLOs and assets under management of $17.4 billion, Moody’s said.

Banca Monte prices

Banca Monte dei Paschi di Siena priced a €2,876,600,000 CLO offering of asset-backed floating-rate notes secured by small- and medium-sized enterprise loans, according to a market source.

In the senior tranches, Siena PMI 2015 Srl sold €296 million of class A-1A notes and €592 million of class A-1B notes at a spread of three-month Euribor plus 82 basis points.

The notes are due Nov. 5, 2055.

Banca IMI SpA was the lead underwriter. Co-underwriters were HSBC Holdings plc, Royal Bank of Scotland Group plc and Societe General Group.

Banca Monte dei Paschi di Siena will manage the CLO.

The deal is a cash securitization of loans originated by the banks under the Banca Monte dei Paschi di Siena Group primarily to small- and medium-sized enterprises based in the central and northern regions of Italy.

Banca Monte dei Paschi di Siena is a Siena, Italy-based bank founded in 1472.

Banca Popolare prices

Banca Popolare di Bari brought €557.03 million of notes due Nov. 30, 2065 in a small- and medium-sized enterprise-backed CLO deal, an informed source said.

Abruzzo 2015 SME Srl priced €322.9 million of class A asset-backed floating-rate notes at a spread of one-month Euribor plus 100 bps at the top of the capital stack.

Banca Popolare di Bari was the underwriter.

Banca Tercas SpA, a Teramo, Italy-based bank, and Banca Caripe SpA, a Pescara, Italy-based bank, will manage the CLO.

The deal is a cash securitization of loan receivables originated by Banca Tercas and Banca Caripe mainly to small- and medium-sized enterprises based in Italy.

Banca Popolare di Bari is a Bari, Italy-based banking and investment company.

BlueMountain offers CLO

BlueMountain Capital Management is in the pipeline with $407.25 million of notes due Oct. 20, 2027 in the firm’s third CLO offering of the year, according to an informed source.

The BlueMountain CLO 2015-3 Ltd./BlueMountain CLO 2015-3 LLC deal includes $255 million of class A-1 floating-rate notes (/AAA/); $46 million of class A-2 floating-rate notes (/AA/); $29 million of class B deferrable floating-rate notes (/A/); $18 million of class C deferrable floating-rate notes (/BBB/); $20 million of class D deferrable floating-rate notes (/BB-/); $8 million of class E deferrable floating-rate notes (/B/) and $31.25 million of subordinated notes.

Credit Suisse Securities (USA) LLC is the placement agent.

BlueMountain Capital Management will manage the CLO.

The CLO is non-callable until Oct. 20, 2017. The reinvestment period ends Oct. 20, 2019.

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

BlueMountain Capital Management has priced two CLOs over the year, including most recently the $409.1 million BlueMountain CLO 2015-2 Ltd./BlueMountain CLO 2015-2 LLC transaction on May 20.

The New York City-based management firm brought four CLO deals in 2014.

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