CBAM prices $468 million; BlackRock sells middle-market CLO; Napier Park in primary

By Cristal Cody

Tupelo, Miss., Nov. 25 – The CLO primary market is remaining active in November with a new offering priced from CBAM Partners LLC.

CBAM Partners priced $468 million of notes in the manager’s second broadly syndicated CLO deal of the year.

In other supply, BlackRock Capital Investment Advisors LLC priced a $348.1 million middle-market CLO.

Looking at the euro-denominated market, Napier Park Global Capital Ltd. sold €353 million of notes in the manager’s second European CLO this year.

Meanwhile, Partners Group (UK) Management Ltd. closed Wednesday on its previously reported €350.95 million Penta CLO 8 DAC offering, which placed €210 million of the class A senior secured floating-rate notes at Euribor plus 115 basis points.

The dollar- and euro-denominated primary markets are expected to see additional issuance headed into the year’s end with several deals being marketed, a source said.

More than $70 billion of dollar-denominated broadly syndicated CLOs and about €19 billion of European broadly syndicated CLOs have priced year to date, according to market sources.

Elsewhere, secondary volume climbed on Tuesday, while prices declined.

On Tuesday, $410.35 million of high-grade CBO/CDO/CLO notes were traded at an average price of 99.00, down from $228.74 million of paper traded on Monday at an average price of 99.10, according to Trace.

Also, $534.76 million of lower-rated CBO/CDO/CLO tranches traded Tuesday at an average price of 78.50, compared to $187.45 million of volume on Monday at an average price of 83.20.

CBAM prints 2020-13 CLO

CBAM Partners priced $468 million of notes due Jan. 20, 2034 in the new CLO, according to market sources.

CBAM 2020-13, Ltd./CBAM 2020-13 LLC sold $279 million of the class A floating-rate notes at Libor plus 143 bps.

BNP Paribas Securities Corp. was the placement agent.

The offering is collateralized primarily by broadly syndicated senior secured loans.

CBAM has priced two new dollar-denominated deals year to date.

The New York City-based portfolio company of private investment firm Eldridge Industries priced three new dollar-denominated CLOs in 2019.

BlackRock prices

BlackRock Capital Investment Advisors priced $348.1 million of notes due Dec. 15, 2031 in its middle-market CLO transaction, according to market sources.

BlackRock Elbert CLO V Ltd./BlackRock Elbert CLO V Co-Issuer LLC sold $146 million of class A-1 floating-rate notes at Libor plus 190 bps at the top of the capital stack.

Natixis Securities Americas LLC was the placement agent.

The CLO is collateralized primarily by middle-market corporate loans.

BlackRock Capital is an investment management firm and part of New York-based BlackRock Inc.

Napier Park issues CLO

Napier Park Global Capital priced €353 million of notes due Jan. 25, 2034 in the CLO offering, according to market sources.

Henley CLO III DAC sold €206.5 million of class A floating-rate notes at Euribor plus 110 bps in the AAA-rated tranche.

BNP Paribas Securities was the placement agent.

The CLO is backed primarily by broadly syndicated senior secured loans and bonds.

Napier Park Global Capital is an asset management firm based in New York.

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