Onex prices €431.4 million CLO; Funding Circle, KKR, Ares print; euro volume hits high

By Cristal Cody

Tupelo, Miss., April 8 – Onex Credit Partners, LLC priced €431.4 million of notes in its first euro-denominated CLO offering since 2017.

Onex was in the dollar-denominated market earlier in the year with a U.S. CLO offering.

The CLO manager has priced a total of three CLOs to date.

In addition to Onex Credit Partners’ deal, the European primary market is heating up with other issuance, according to market sources.

KKR Credit Advisors (Ireland) Unlimited Co. priced an upsized €456.3 million CLO.

Ares European Loan Management LLP sold an upsized €461.63 million CLO.

Meanwhile, Funding Circle Ltd. priced £180.26 million of British pound sterling notes in a new securitization transaction backed by small- and medium-sized enterprise loans.

European CLO primary volume in the first quarter was at the “highest first-quarter level since before the financial crisis,” according to a BofA Merrill Lynch research note released on Monday.

CLO volume in the first quarter totaled €6.9 billion from new issues, along with €900 million of notes priced in two vintage CLO resets, the note said.

In the secondary market, about €100 million of European CLO bonds appeared on BWIC lists last week with spreads mostly flat across the capital structure, according to the report.

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