| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers E > Headlines for Euro-Galaxy VI CLO BV > News item |
Europes CLO primary active; PineBridge sells 411 million CLO; secondary strong
By Cristal Cody
Tupelo, Miss., March 21 European CLO deal action continues to ramp up in March.
PineBridge Investments Europe Ltd. priced 411 million of notes in a new CLO offering.
BlackRock Investment Management (UK) Ltd. also plans to issue 413.5 million of notes due 2031 in the previously reported BlackRock European CLO V DAC transaction.
Euro-denominated CLO issuance and refinancings are expected to increase over the year.
Earlier in the month, BofA Merrill Lynch analysts raised their forecast to a post-financial crisis high of 22 billion to 25 billion in 2018, up from their previous forecast of 18 billion.
Other market strategists also had forecasted about 18 billion to 20 billion of new euro-denominated CLO volume for the year and about 24 billion of refinancing volume.
In 2017, about 20 billion of new euro-denominated CLOs priced, while another 23 billion of European existing CLOs were refinanced and/or reset.
Elsewhere in the secondary market, trading was heavy in high-grade CDO/CBO/CLO issues on Tuesday, according to Trace data. During the session, $322 million of issues traded, while another $77.11 million of lower-rated securities were traded.
On Monday, trading volume included $93.3 million of investment-grade issues and $48.57 million of non-high-grade CBO/CDO/CLO securities.
PineBridge sells Euro-Galaxy
PineBridge Investments Europe priced a new 411 million CLO offering, according to a market source.
Euro-Galaxy VI CLO BV sold 245.5 million of class A senior secured floating-rate notes at Euribor plus 71 basis points in the senior tranche.
Morgan Stanley & Co. International plc was the placement agent.
The notes are due in March 2031.
PineBridge priced one euro-denominated CLO and refinanced one vintage deal in 2017.
The CLO manager, an affiliate of New York City-based asset management firm PineBridge Investments LLC, brought one new CLO to market in 2015.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.