AIG prices $332.75 million CLO; Zinnia wraps deal; CBO/CDO/CLO paper mostly gains

By Cristal Cody

Tupelo, Miss., May 14 – In CLO primary action, AIG Asset Management (US) LLC priced a $332.75 million broadly syndicated offering with a one-year non-call period and a one-year reinvestment period.

In other activity, Redding Ridge Asset Management (UK) LLP closed Thursday on its previously reported €288.2 million Zinnia Finance DAC offering. The CLO sold €174 million of class A-1 senior secured floating-rate notes (Aaa/AAA) at Euribor plus 225 basis points at the top of the capital stack via BNP Paribas Securities Corp.

In its deal, AIG Asset Management (US) priced $332.75 million of notes due May 22, 2029 in the new broadly syndicated CLO transaction, according to market sources.

AIG CLO 2020-1, Ltd./AIG CLO 2020-1, LLC sold $210 million of class A floating-rate notes at Libor plus 205 bps in the AAA-rated tranche.

AIG is a New York-based asset management firm.

Elsewhere, in the secondary market, $605.7 million of investment-grade CBO/CDO/CLO issues traded at an average 94.30 on Wednesday, up from 93.10 on Tuesday and 91.20 on Monday, according to Trace data.

Further down the capital structure, $177.99 million of lower-rated paper traded on Wednesday at an average 69.50, down slightly from 69.90 on Tuesday but improved from Monday’s average of 63.30.

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