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Barings prices 452.8 million CLO; CVC sells 382.45 million; high-grade secondary eyed
By Cristal Cody
Tupelo, Miss., Sept. 29 The European CLO market is seeing primary activity in September after issuance slowed in August.
Barings (UK) Ltd. sold 452.8 million of notes in its first European CLO transaction of 2020.
CVC Credit Partners Group Ltd. priced a 382.45 million deal in the managers second euro-denominated broadly syndicated CLO offering of the year.
Euro-denominated CLO supply totals more than 13 billion year to date.
About 20 billion is expected for the year, according to Wells Fargo Securities, LLC analysts.
In the dollar-denominated market, about $55 billion of new CLOs have priced so far this year.
Euro-denominated CLO AAA spreads have been steady in late September at the Euribor plus 125 basis points area, BofA Securities, Inc. analysts report.
In the dollar-denominated secondary market on Monday, $322.37 million of high-grade CBO/CDO/CLO notes were traded at an average 98.10, according to Trace data.
The session also saw $76.72 million of lower-rated CBO/CDO/CLO paper trade at an average 92.70.
In its deal, Barings (UK) priced 452.8 million of notes due April 21, 2033 in the Barings Euro CLO 2020-1 DAC CLO transaction, according to market sources.
The CLO sold 279 million of class A senior secured floating-rate notes at Euribor plus 110 bps in the AAA-rated tranche.
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