Aegon prices $403.75 million CLO; THL taps middle market; high-grade secondary improves

By Cristal Cody

Tupelo, Miss., Aug. 21 – Aegon USA Investment Management LLC priced $403.75 million of notes in a new broadly syndicated CLO offering.

The offering is the firm’s third CLO transaction priced in 2019.

In the middle-market space, THL Credit Advisors LLC priced $305.5 million of notes in the manager’s second CLO deal this year.

Broadly syndicated CLO volume totals nearly $70 billion year to date, while about $10 billion of middle-market CLOs have priced this year, according to market sources.

In the secondary market, trading remained active in high-grade CBO/CDO/CLO issues in the previous session, according to Trace data.

On Tuesday, $234.98 million of investment-grade CBO/CDO/CLO securities and $87.03 million of non-high-grade securities were traded.

The investment-grade securities had an average trading price of 98.60 on Tuesday, up a dime from Monday. Non-high-grade CBO/CDO/CLO issues traded with an average price of 89.20 in the previous session, compared to 93.50 on Monday.

In its deal, Aegon USA Investment Management priced $403.75 million of notes due Oct. 20, 2032 in the new Cedar Funding X CLO Ltd./Cedar Funding X CLO LLC transaction, according to a market source.

The CLO sold $258 million of class A floating-rate notes at Libor plus 134 basis points in the AAA-rated tranche.

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