U.S., Europe see CLO deal action; Jefferies brings $440 million; BNP prices €308.5 million

By Cristal Cody

Tupelo, Miss., March 25 – New CLO deals priced in the U.S. and European markets, according to sources on Wednesday.

Jefferies Finance LLC priced a $440 million CLO offering and placed the AAA slice at Libor plus 150 basis points.

BNP Paribas Asset Management SAS tapped the euro-denominated market with a €308.5 million transaction. The AAA tranche priced at Euribor plus 135 bps.

The deal brings euro-denominated issuance to about €3 billion year to date, according to data compiled by Prospect News.

U.S. CLO managers have priced more than $25 billion of CLOs in 2015.

BNP Paribas Asset Management priced €308.5 million of notes due July 31, 2027 in a European CLO offering, according to a market source.

BNPP IP Euro CLO 2015-1 BV sold €176,236,000 of class A-1 senior secured floating-rate notes at Euribor plus 135 bps in the senior tranche.

RBS Securities Inc. arranged the offering.

BNP Paribas Asset Management will manage the CLO.

The reinvestment period ends in 2019. The CLO is allowed to invest only in floating-rate assets.

The notes are backed primarily by euro-denominated senior secured loans.

BNP Paribas Asset Management is a Paris-based subsidiary of BNP Paribas Investment Partners.

Jefferies Finance priced $440 million of notes due April 20, 2023 in the JFIN Revolver CLO 2015 Ltd./JFIN Revolver CLO 2015 LLC transaction, according to a market source.

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