Blackstone prices €323.5 million CLO; Assured Investment prints; dollar spreads tighten

By Cristal Cody

Tupelo, Miss., Dec. 7 – The CLO primary market continues to pump out new issuance in December with additional supply expected to print before the year closes.

Blackstone Ireland Ltd. priced a €323.5 million CLO offering in the manager’s fourth broadly syndicated CLO offering of 2020.

In the dollar-denominated space, details emerged on a $402.44 million CLO brought to the primary market from Assured Investment Management LLC, previously known as BlueMountain Capital Management LLC. The deal is the manager’s second broadly syndicated CLO offering year to date.

More than $78 billion of dollar-denominated broadly syndicated CLOs and over €20 billion of European CLOs have priced year to date.

In the secondary market, dollar-denominated CLO spreads firmed across the capital structure for the week ended Friday, while euro-denominated spreads were flat in the senior tranches to 5 basis points to 10 bps tighter lower down the stack, according to BofA Securities, Inc. global research notes on Monday.

Dollar-denominated spreads firmed “for the week across the board with AAA-A tightening by 5 bps, BBBs by 10 bps, BB by 25 bps and single Bs by 50 bps driven by an overall reluctance to sell as the market continues to absorb the positive supply,” according to the note.

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