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Credit Suisse Asset prices €411.65 million CLO; European primary market ‘sluggish’ to date
By Cristal Cody
Eureka Springs, Ark., April 12 – The European CLO primary market is showing signs of life with two deals now priced in April, according to market sources on Tuesday.
Credit Suisse Asset Management Ltd. was in the primary market with a €411.65 million offering.
Euro-denominated CLO volume totals nearly €3.5 billion from nine deals year to date, according to Prospect News data.
Along with the U.S. CLO primary market year to date, Europe has seen “sluggish primary issuance,” Wells Fargo Securities LLC analysts said in a note.
Market analysts forecast €10 billion to €15 billion of euro-denominated CLO volume for 2016.
Issuance totaled €29.35 billion from 44 deals in 2015, including Italian and Portuguese euro-denominated CLOs, according to Prospect News data.
In the U.S. secondary market, Trace reported that 22 high-grade CBO/CDO/CLO issues totaling $42.08 million and 18 non-investment-grade CBO/CDO/CLO securities totaling $53.1 million were traded on Monday.
CSAM sells Cadogan Square CLO
Credit Suisse Asset Management priced €411.65 million of notes due May 25, 2029 in the new CLO deal, according to a market source.
Cadogan Square CLO VII BV priced €241 million of class A senior secured floating-rate notes at Euribor plus 150 basis points in the senior tranche.
Morgan Stanley & Co. LLC arranged the transaction.
The CLO has a two-year non-call period and a four-year reinvestment period.
The deal is backed primarily by euro-denominated senior secured loans and bonds.
Credit Suisse Asset Management, a subsidiary of Zurich-based Credit Suisse AG, was last in the euro-denominated primary market on May 21, 2015 with the €413.53 million Cadogan Square CLO VI BV deal.
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