Spire prices €216.95 million CLO; CBAM wraps euro deal; CSAM, Ballyrock price dollar CLOs

By Cristal Cody

Tupelo, Miss., July 7 – Spire Management Ltd. priced a new €216.95 million broadly syndicated CLO transaction as euro-denominated supply continues to see volume amid the pandemic climate.

Meanwhile on Tuesday, CBAM CLO Management Europe LLC closed on its previously reported €347.8 million Vendome Funding CLO 2020-1 DAC offering.

Vendome priced €210 million of class A floating-rate notes at Euribor plus 186 basis points in the AAA-rated tranche.

In other issuance, Credit Suisse Asset Management, LLC sold $398.9 million of notes in the manager’s first dollar-denominated CLO offering of 2020.

Also, Ballyrock Investment Advisors LLC priced $393.75 million of notes in its first CLO deal since 2019.

Year to date, about $35 billion of dollar-denominated CLOs and more than €10 billion of euro-denominated CLOs have priced.

Looking at the dollar-denominated secondary market, high-grade supply was steady on Monday with $225.61 million of CBO/CDO/CLO paper traded at an average 98.20, according to Trace data.

Also during the session, $54.96 million of non-high-grade CBO/CDO/CLO notes were traded at an average 88.50.

In trading ahead of the Fourth of July holiday, high-grade securitized paper averaged in the 96.40 to 97 range, while lower-rated issues traded in the 81.40 to 83.50 area.

Spire prints Aurium CLO VI

Spire Management priced €216.95 million of notes due Nov. 22, 2032 in the CLO transaction, according to market sources.

Aurium CLO VI DAC sold €124.75 million of AAA-rated class A floating-rate notes at Euribor plus 190 bps.

BofA Securities Europe SA was the placement agent.

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

Spire is a fund management firm based in London.

CSAM prices $398.9 million

Credit Suisse Asset Management sold $398.9 million of notes due July 15, 2031 in the Madison Park Funding XLV Ltd./Madison Park Funding XLV LLC broadly syndicated CLO offering, according to market sources.

The CLO priced $244 million of class A floating-rate notes at Libor plus 165 bps in the senior tranche.

BofA Securities, Inc. was the placement agent.

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

Ballyrock prices

In Ballyrock Investment Advisors’ offering, $393.75 million of notes due July 20, 2030 were sold, according to market sources.

Ballyrock CLO 2020-1 Ltd./Ballyrock CLO 2020-1 LLC priced $248 million of class A-1 floating-rate notes at Libor plus 170 bps at the top of the capital stack.

Citigroup Global Markets Inc. was the placement agent.

The CLO is collateralized primarily by broadly syndicated senior secured corporate loans.

The investment management firm is based in Boston.

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