CLO primary, refinancing markets active; Anchorage reprices CDO; MJX to refinance CLO

By Cristal Cody

Tupelo, Miss., July 29 – CLO pricing action is picking up in late July with a number of managers pricing new CLOs and entering the refinancing space, according to market sources on Monday.

Steele Creek Investment Management LLC priced $405 million of notes in the Steele Creek CLO 2019-2 Ltd./Steele Creek CLO 2019-2, LLC deal via Wells Fargo Securities, LLC.

Also, DoubleLine Capital LP sold $406.25 million of notes in the Parallel 2019-1 Ltd./Parallel 2019-1 LLC deal.

Morgan Stanley & Co. LLC was the placement agent.

In addition, Whitebox Capital Management, LLC priced $401 million of notes in the Whitebox CLO I Ltd./Whitebox CLO I LLC transaction via J.P. Morgan Securities LLC.

Final pricing details were not immediately available.

The primary market saw nearly $5 billion of new issue CLOs print in 10 deals last week with discount margins as tight as Libor plus 130 basis points and as wide as 139 bps for AAA-rated tranches, according to a BofA research note released on Monday.

In refinancing activity, Anchorage Capital Group, LLC sold $514.1 million of notes in a reset of a 2015 CDO.

Meanwhile, MJX Asset Management LLC plans to refinance notes and loans from a 2016 CLO deal.

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