Credit Suisse Asset Management offers $816.7 million CLO; secondary market active

By Cristal Cody

Tupelo, Miss., Oct. 30 – Credit Suisse Asset Management, LLC plans to price $816.7 million of notes in a new CLO offering.

The deal is the CLO manager’s fourth new CLO transaction in 2018.

Year to date, CLO managers have priced more than $100 billion of new issue CLOs, according to market sources.

Elsewhere, in the secondary market, $197.38 million of high-grade CBO/CDO/CLO issues and $100.12 million of lower-rated securities traded on Monday, according to Trace data.

The high-grade CBO/CDO/CLO securities traded with an average price of 99.70, while the non-investment-grade issues had an average trading price of 98.20.

CSAM offers new CLO

Credit Suisse Asset Management plans to price $816.7 million of notes due Jan. 23, 2031 in the Madison Park Funding XXXI Ltd./Madison Park Funding XXXI LLC offering, according to a market source.

The deal includes $3 million of class X floating-rate notes (AAA); $456 million of class A-1 floating-rate notes (AAA); $45 million of class A-2A floating-rate notes (/non-rated/); $15 million of class A-2b fixed-rate notes (/non-rated/); $88 million of class B floating-rate notes (AA); $48 million of class C deferrable floating-rate notes (A); $50 million of class D deferrable floating-rate notes (BBB-); $30 million of class E deferrable floating-rate notes (BB-) and $81.7 million of subordinated notes.

BofA Merrill Lynch is the placement agent.

The deal is expected to close on Dec. 12.

Credit Suisse Asset Management is a unit of Credit Suisse Group AG.

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