Hayfin prices $352.63 million CLO; PGIM prices $410 million notes; CLO spreads tighten

By Cristal Cody

Tupelo, Miss., Dec. 21 – Hayfin Capital Management LLC priced a $352.63 million broadly syndicated CLO in December in its first dollar-denominated deal of the year.

Meanwhile, PGIM, Inc. also returned to the primary market to bring a $410 million CLO transaction set to close in 2021.

More than $86 billion of dollar-denominated CLOs have priced year to date with pricing and refinancing action remaining steady in December, according to market sources.

Meanwhile in the secondary market, spreads tightened over the past week ended Friday across the capital stack with AAAs at Libor plus 115 basis points, according to a BofA Securities, Inc. research note.

CLO AAA-AA spreads each tightened 5 bps, while single A tranches improved 10 bps to Libor plus 230 bps on the week.

BBB spreads firmed 15 bps to Libor plus 360 bps and BB-rated tranches tightened 25 bps over the week to Libor plus 875 bps.

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