Barings offers $510.5 million CLO in manager’s second deal of year; secondary active

By Cristal Cody

Tupelo, Miss., March 27 – The CLO market remains active with one manager planning its second deal of the year.

Barings LLC intends to price $510.5 million of notes in a new CLO offering.

Year to date, more than $25 billion of new CLOs have priced, according to BofA Merrill Lynch data.

Elsewhere, securitized secondary trading was active during Monday’s session, compared to the same period a week ago, according to Trace data.

On Monday, $104.71 million of high-grade CDO/CBO/CLO issues and $77.7 million of lower-rated securities were traded.

In the same period on March 19, $93.3 million of investment-grade issues and $48.57 million of non-high-grade securities were traded.

Barings is offering $510.5 million of notes due April 15, 2030 in the new CLO deal, a source said.

The Barings CLO Ltd. 2018-II/Barings CLO Ltd. 2018-II LLC transaction includes $282.5 million of class A-1A floating-rate notes (AAA); $37.5 million of class A-1B floating-rate notes, $40.75 million of class A-2 floating-rate notes; $40.5 million of class B floating-rate notes; $31.5 million of class C floating-rate notes; $27.25 million of class D floating-rate notes; $8.75 million of class E floating-rate notes and $41.75 million of subordinated notes.

J.P. Morgan Securities LLC is the placement agent.

The Charlotte, N.C.-based CLO manager is a subsidiary of Massachusetts Mutual Life Insurance Co.

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