CLO primary market remains active; high-grade securitized trading volume increases

By Cristal Cody

Tupelo, Miss., March 14 – New deal action in the CLO primary market includes an offering from Apex Credit Partners LLC, according to a market source on Wednesday.

The Apex Credit CLO 2018 Ltd. transaction was expected to include $462.5 million of floating-rate and subordinated notes in nine tranches.

Jefferies LLC was the placement agent. The deal closes on March 27. Final pricing details were not immediately available.

Apex Credit Partners is a New York City-based commercial finance firm that is co-owned by Jefferies Group LLC and Massachusetts Mutual Life Insurance Co.

More than $45 billion of new and refinanced CLOs have priced year to date, according to market sources.

In other activity, high-grade securitized secondary trading was strong over the first two sessions of the week.

Trading volume was heavy in investment-grade CBO/CDO/CLO issues on Tuesday, according to Trace data. The session had $386.45 million of high-grade securities traded. Also, $169.68 million of non-investment-grade CBO/CDO/CLO issues traded in the previous session.

On Monday, $214 million of high-grade issues and $212.53 million of lower-rated securities were traded.

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