Accunia prices €386.6 million new Accunia European CLO II; CLO investor demand strong

By Cristal Cody

Tupelo, Miss., Sept. 21 – Accunia Fondsmaeglerselskab A/S tapped the European CLO primary market with a €386.6 million offering this week.

More than €10 billion of new issue euro-denominated CLOs have priced year to date, according to market sources. Nearly €20 billion of vintage CLOs have been refinanced or reset so far in 2017.

In U.S. issuance, more than $70 billion of new CLOs have priced in 2017, and about $120 billion of vintage CLOs have been refinanced or reset year to date.

Moody’s Investors Service said in a September CLO report released on Thursday that panelists at its CLO and Leveraged Loan Conference in New York on Sept. 7 noted “that CLO refinancing activity, after booming for much of the past year, has begun waning, while new CLO issuance and reset activity has been growing, helped by strong investor demand for CLOs.”

In its deal, Accunia Fondsmaeglerselskab priced €386.6 million of notes due Oct. 15, 2030 in a new euro CLO deal, according to a market source.

Accunia European CLO II BV sold €223.5 million of class A senior secured floating-rate notes at Euribor plus 93 basis points in the AAA-rated tranche.

Deutsche Bank AG, London Branch arranged the deal.

The CLO has a two-year non-call period and a four-year reinvestment period.

The deal is backed primarily by broadly syndicated European senior secured loans and bonds.

Accunia is a Copenhagen-based asset management firm.

© 2015 Prospect News.
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