Ivy Hill, Antares price middle-market CLOs; Barings firms AAA spread; more supply eyed

By Cristal Cody

Tupelo, Miss., April 9 – The CLO primary market remains busy, with new deals priced in the broadly syndicated and middle markets in April.

Ivy Hill Asset Management LP priced a $1,009,500,000 middle-market deal on Friday in the CLO manager’s first transaction of the year. Ivy Hill Management placed one CLO transaction in 2017.

Also, Antares Capital Advisers LLC sold $707.1 million of notes in the manager’s first middle-market CLO offering of 2018. The deal is Antares’ third CLO transaction to date after the firm brought two CLOs to the primary market in 2017.

In the broadly syndicated primary market, Barings LLC sold $510.5 million of notes in the manager’s second new CLO deal of the year, placing the AAA tranche at Libor plus 93 basis points.

Barings had priced $562.8 million of notes in the Barings CLO Ltd. 2018-I/Barings CLO Ltd. 2018-I LLC transaction that closed on Thursday. The 2018-I CLO sold $357.5 million of class A-1 senior secured floating-rate notes at Libor plus 95 bps.

About $30 billion of broadly syndicated CLOs and about $5 billion of middle-market CLOs have priced year to date, according to a BofA Merrill Lynch analysts’ note released on Monday.

CLO supply is expected to remain elevated in the “new issue and refi/reset pipeline for the next month or so,” according to the note.

© 2015 Prospect News.
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