Blackstone/GSO prices €418.65 million CLO reset; Investcorp in primary; spreads soften

By Cristal Cody

Tupelo, Miss., Oct. 15 – Blackstone/GSO Debt Funds Management Europe Ltd. priced €418.65 million of notes in a second refinancing of a 2014 vintage euro-denominated CLO.

Blackstone/GSO Debt Funds Management Europe priced the notes in a refinancing of the 2014 vintage Phoenix Park CLO Ltd./Phoenix Park CLO LLC transaction, according to a market source.

The CLO sold €1.6 million of class X senior secured floating-rate notes at Euribor plus 50 bps and €240 million of class A-1A senior secured floating-rate notes at Euribor plus 96.5 bps at the top of the capital stack.

Also, Investcorp Credit Management EU Ltd. was expected to price about €410 million of notes in the new Harvest CLO XX DAC transaction via J.P. Morgan Securities plc on Friday, according to market sources. Final pricing details were not immediately available.

Supply was light in both the European and U.S. primary markets over the past holiday-shortened week, according to a note by BofA Merrill Lynch analysts on Monday.

In the secondary market, spreads softened in both the European and U.S. markets over the past week, according to the note.

Euro CLO spreads eased about 2 basis points to 15 bps across the capital stack, while U.S. CLO spreads headed out on Friday an average 2 bps to 25 bps wider on the week.

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