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Barclays Bank prices £5.04 billion multi-currency CLO; CSAM brings $809 million deal
By Cristal Cody
Tupelo, Miss., Aug. 6 – The CLO market is seeing more variations in the currency structure of new issues over the summer.
Barclays Bank plc priced £5.04 billion of notes in a CLO deal denominated in euros, dollars and pounds.
At the end of July, PGIM, Inc. priced £335,861,000 of notes in a rare sterling-denominated CLO deal, Dryden 63 GBP CLO 2018 BV.
Looking at the U.S. primary market, details emerged on a new transaction from Credit Suisse Asset Management, LLC. The CLO manager brought an $809 million CLO offering to the market.
Barclays prices
Barclays Bank priced £5.04 billion of notes due July 14, 2039 in the multi-currency denominated CLO, according to a market source.
Sirius Funding plc sold €1,265,625,000 of class A-1 senior secured floating-rate notes, $1,527,525,000 of class A-2 senior secured floating-rate notes and £1,125,000,000 of class A-3 senior secured floating-rate notes.
The CLO also priced £1,125,000,000 of subordinated notes.
Barclays was the underwriter.
The CLO is collateralized primarily by senior secured and senior unsecured loans originated by Barclays and denominated in euro, dollars and pounds.
Barclays Bank is a bank and financial services company based in London.
CSAM places Atrium XIV
Credit Suisse Asset Management sold $809 million of notes due July 16, 2030 in the new Atrium XIV/Atrium XIV LLC deal, according to a market source.
The CLO priced the $452 million of class A-1 floating-rate notes at Libor plus 110 basis points.
BofA Merrill Lynch was the placement agent.
The offering is backed primarily by broadly syndicated senior secured corporate loans.
Credit Suisse Asset Management is a unit of Credit Suisse Group AG.
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