MJX, Oak Hill price CLOs; Deerpath offers middle-market CLO; new issue volume weak

By Cristal Cody

Tupelo, Miss., March 3 – MJX Asset Management LLC priced $510.5 million of notes in a new broadly syndicated CLO offering.

Also, Oak Hill Advisors LP brought a $601.5 million broadly syndicated CLO to the primary market.

Meanwhile, Deerpath Capital Management, LP plans to price a $305 million middle-market CLO in its first deal since 2018.

The new issue market has seen substantially less supply than the refinancing space so far this year, sources report.

About $14 billion of new broadly syndicated CLOs have priced year to date, while nearly $24 billion of vintage CLOs have already been refinanced, reset or reissued.

New issue volume is down 22% year over year, according to a Wells Fargo Securities LLC research note on Tuesday.

In the same period a year ago, $18 billion of CLOs were priced.

In its deal, MJX Asset Management priced $510.5 million of notes due April 15, 2033 in the Venture 39 CLO, Ltd./Venture 39 CLO, LLC deal, according to market sources on Tuesday.

The broadly syndicated CLO sold $310 million of class A-1 senior secured floating-rate notes at Libor plus 128 basis points at the top of the capital stack.

Nomura Securities International, Inc. was the placement agent.

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