Hayfin, HPS price euro CLOs; Barings brings two deals; Octagon reprints $779.8 million

By Cristal Cody

Tupelo, Miss., March 18 – A few CLO managers are getting broadly syndicated deals priced in the U.S. and European primary markets.

Hayfin Capital Management LLC sold €407.9 million of notes in a new euro CLO offering.

Hayfin Emerald CLO II DAC priced €148 million of class A-1 senior secured floating-rate notes at par to yield Euribor plus 116 basis points at the top of the capital stack.

Goldman Sachs International was the placement agent.

Meanwhile, HPS Investment Partners CLO (UK), LLP closed Friday on its €411.6 million Aqueduct European CLO 3-2019 DAC transaction.

In the U.S. primary market, Barings LLC priced $505.95 million of notes in the manager’s first new issue CLO this year.

Barings also sold $508.05 million of notes on Friday in a reissue of a vintage 2016 CLO offering.

In other action, Octagon Credit Investors, LLC priced $779.8 million of notes in a second refinancing of a vintage 2015 CLO deal.

CLO primary action has been steady but light in March, while refinancing action remains thin, market sources report.

In new issuance last week, pricing “levels across the capital structure were consistent with that seen in recent weeks,” BofA Merrill Lynch analysts said in a note released on Monday. “Manager tiering continues to be the dominant determinant of financing levels.”

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