Voya prices $298.55 million CLO; high-grade CBO/CDO/CLO trade volume tops $1 billion

By Cristal Cody

Tupelo, Miss., June 24 – The CLO primary market remains active in June, while secondary supply also is on the rise this week.

In new issuance, Voya Alternative Asset Management LLC priced $298.55 million of notes in the manager’s first new dollar-denominated broadly syndicated CLO offering of 2020.

Voya CLO 2020-1, Ltd./Voya CLO 2020-1 LLC sold $185 million of class A floating-rate notes at Libor plus 170 basis points in the AAA-rated tranche.

Voya was in the primary market earlier this year with a new issue European CLO and one vintage dollar-denominated CLO refinancing.

The manager brought four new dollar-denominated CLOs and one euro-denominated CLO to the market in 2019.

More than $28 billion of CLOs have priced year to date, sources note.

Looking at the secondary market, trading volume hit $1.14 billion in high-grade CBO/CDO/CLO notes on Tuesday, up from $872.01 million on Monday, Trace data shows.

High-grade paper improved slightly to 96.80 over Tuesday’s session from 96.60 on Monday and down from the 97.30 average seen in the same period a week ago.

Trading volume also rose in non-high-grade CBO/CDO/CLO issues to $209.22 million from $102.16 million on Monday.

Non-investment-grade CBO/CDO/CLO issues declined to an average price of 72.30 on Tuesday.

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