Voya Alternative Asset Management brings new CLO 2019-3 to market; secondary quiet

Chicago, Sept. 24 – A quiet day for the collateralized loan obligation market had one deal price following a slow start to the week in secondary trading.

Voya Alternative Asset Management LLC priced $476.5 million in a new portfolio with Voya CLO 2019-3, Ltd./Voya CLO 2019-3 LLC listed as co-issuers.

In the secondary market, data from Monday showed very little activity.

The investment-grade sector for CBO/CDO/CLO had a small amount of movement with $29.69 million trading.

This is miniscule compared with Friday when $555.92 million of notes were exchanged, according to Trace data.

The average price on Monday was 99.5.

Voya priced its new transaction, bringing assets under management for the group up to $12.38 billion.

A maximum of 60% of the loans in this portfolio can be covenant-lite.

The weighted average spread for the CLO is 3.38%, lower than the 3.53% three-month average of CLOs rated by S&P Global Ratings.

As of the pricing date, the portfolio has a ramp-up completion of 84.95%.

The CLO priced in five classes of floating-rate notes, one class of fixed-rate notes and a subordinated note class.

Total leverage on the transaction is 9.8 versus a three-month S&P average of 9.78.

GreensLedge Capital Markets LLC is the placement agent.

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