Voya prices €356.3 million new CLO; GLG brings €412.2 million reset; euro volume strong

By Cristal Cody

Tupelo, Miss., April 6 – The European CLO deal market remains busy with details out on a new issuance and a refinancing transaction.

Voya Alternative Asset Management LLC tapped the primary market with a €356.3 million new CLO.

GLG Partners LP priced a €412.2 million offering in a refinancing and renaming of a 2015 European CLO.

More than €6 billion of new euro CLOs have priced year to date. Euro-denominated deal volume posted the highest first quarter issuance since the financial crisis of €6.2 billion, according to Wells Fargo Securities LLC.

In addition to the new supply, nearly €3 billion of CLO notes have been refinanced so far in 2018, according to BofA Merrill Lynch.

In Voya Alternative Asset Management’s offering, the CLO manager priced €356.3 million of notes due April 19, 2031, according to a market source.

Voya Euro CLO I DAC sold $203 million of class A senior secured floating-rate notes at Libor plus 75 basis points in the senior tranche.

Credit Suisse Securities (Europe) Ltd. arranged the offering.

Voya Alternative Asset Management is an affiliate of New York City-based Voya Investment Management LLC.

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