November U.S., Europe CLO deal action forecast; secondary active; benchmark AAAs flat

By Cristal Cody

Tupelo, Miss., Oct. 27 – The November pipeline is expected to see new CLO issuance in the U.S. and European markets, a source said on Tuesday.

Several CLO managers tapped the market over the previous week to bring the month’s total deal tally to $4.9 billion of notes priced in 10 deals, according to J.P. Morgan Securities LLC.

Year to date, about $117.78 billion of notes have priced in 220 CLO deals in the U.S. and European primary markets, according to data compiled by Prospect News.

In the U.S. primary market, Highbridge Principal Strategies LLC is expected to price $468.5 million of notes in the Highbridge Loan Management 7-2015 Ltd./Highbridge Loan Management 7-2015 LLC deal via BNP Paribas Securities Corp.

In the secondary market, a mix of U.S. and European CLO notes was scheduled on BWIC lists over the day, according to a market source.

Benchmark CLO AAA spreads were quoted mostly unchanged at the Libor plus 150 basis points area.

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