Euro-denominated CLO primary market active; Brigade Capital prices €414.4 million CLO

By Cristal Cody

Tupelo, Miss., Nov. 27 – European CLO supply remains active in November with a number of deals priced or in the deal pipeline.

Brigade Capital Europe Management, LLP sold €414.4 million of notes in the CLO manager’s second euro-denominated CLO transaction of the year.

More than €24 billion of European CLOs have printed in 2018, according to market sources.

About €30 billion of supply was expected for the year.

New European regulations about securitization may limit European CLO volume in the first quarter of 2019, according to a Wells Fargo Securities LLC research note.

Brigade brings second CLO

Brigade Capital Europe Management priced €414.4 million of notes due 2031 in the CLO offering, according to a market source.

Armada Euro CLO III DAC sold €218 million of the class A-1 senior secured floating-rate notes at Euribor plus 101 basis points.

Citigroup Global Markets Ltd. was the placement agent.

The CLO is backed primarily by broadly syndicated senior secured obligations.

Brigade has priced two European CLOs year to date.

The investment manager is based in London.

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