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AGL prices $501.8 million CLO; heavy supply eyed ahead of election; CBO/CDO/CLOs mixed
By Cristal Cody
Tupelo, Miss., Sept. 10 – AGL Credit Management LP issued a new $501.8 million broadly syndicated collateralized loan obligation offering on Thursday.
Meanwhile, strong deal volume is anticipated in the CLO primary market in September and October, Wells Fargo Securities, LLC analysts said in a research note.
“We expect heavy CLO supply in September and October as managers look to issue prior to the U.S. election; we expect risk appetites to wane as November nears,” the analysts said.
Looking at the secondary market, $209.99 million of high-grade CBO/CDO/CLO notes were traded on Wednesday, up from $147.18 million on Tuesday, according to Trace data.
High-grade paper softened to an average 98.10 on Wednesday from 99.40 in post-holiday trading on Tuesday.
The previous session saw $112.49 million of lower-rated CBO/CDO/CLO issues trade at an average 83.40, up from an average 72.20 posted on $516.94 million of trading volume on Tuesday.
AGL CLO 7 prints
AGL Credit Management priced $501.8 million of notes due July 15, 2031 in the new transaction, according to market sources.
AGL CLO 7 Ltd./AGL CLO 7 LLC sold $300 million of class A-1 floating-rate notes at Libor plus 180 basis points at the top of the capital structure.
Barclays was the placement agent.
AGL CLO Credit Management LLC will manage the CLO.
The offering is collateralized primarily by broadly syndicated first-lien senior secured corporate loans.
AGL has issued five new CLOs year to date.
The New York-based investment firm was founded in 2019 and is a subsidiary of the Abu Dhabi Investment Authority.
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