Deutsche brings $451.04 million; Oaktree prices $510.5 million; late-month pipeline eyed

By Cristal Cody

Tupelo, Miss., Oct. 8 – Details emerged on new CLO issuance from Deutsche Investment Management Americas Inc. and Oaktree Capital Management, LP, while a rush of deals is expected in the last half of the month and over the rest of the year, according to market sources.

In new October issuance, Deutsche Investment Management brought the $451.04 million Flagship CLO VIII Ltd./Flagship CLO VIII LLC transaction, the firm’s first CLO deal of the year, according to a market source.

The CLO priced $275 million of class A floating-rate notes (Aaa/AAA/) at Libor plus 156 basis points at the top of the capital structure.

Deutsche Bank Securities Inc. arranged the transaction.

Deutsche Investment, a subsidiary of Deutsche Bank AG, will manage the CLO.

The firm previously priced the $441.81 million Flagship VII Ltd./Flagship VII LLC transaction in December.

In other new issuance, Oaktree Capital Management priced $510.5 million of notes in the Oaktree CLO 2014-2 Ltd./Oaktree CLO 2014-2 LLC deal via Citigroup Global Markets Inc., a source said.

The Oaktree CLO priced the AAA-rated tranche of notes at Libor plus 153 bps.

The Los Angeles-based asset management firm, a subsidiary of Oaktree Capital Group, LLC, most recently priced a $708 million three-tranche offering of notes in the Oaktree EIF II Series A1 Ltd./Oaktree EIF II Series A1 LLC deal on Aug. 7.

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