TCW Group prices $285 million static CLO; secondary CBO/CDO/CLO prices soften

By Cristal Cody

Tupelo, Miss., April 29 – In new CLO issuance in April, the TCW Group priced $285 million of notes in a static broadly syndicated offering.

More than $3 billion of CLOs have priced in April as the market begins to reopen amid the pandemic shutdowns, sources report.

Meanwhile, secondary prices softened on stronger trading volume, Trace data shows.

High-grade CBO/CDO/CLO trading volume came to $1.02 billion on Tuesday, while $186.33 million of lower-rated paper traded.

Investment-grade paper averaged 89.60, and the non-high-grade securities averaged 62.60 on Tuesday.

Prices were down from Monday’s averages of 90.40 for high-grade issues and 78.20 for non-high-grade securities.

On Monday, $434.63 million of high-grade issues and $48.2 million of non-high-grade paper traded.

TCW priced $285 million of notes due April 20, 2028 in the static CLO offering, according to market sources.

TCW CLO 2020-1, Ltd./TCW CLO 2020-1 LLC sold $142 million of class A-1 floating-rate notes at Libor plus 230 basis points at the top of the capital stack.

Jefferies LLC was the placement agent.

TCW Group subsidiary TCW Asset Management Co. LLC is the collateral manager.

The global asset management company is based in Los Angeles.

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