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Five Arrows, GoldenTree wrap new CLO deals; euro CLOs downgraded; CBO/CDO/CLO paper mixed
By Cristal Cody
Tupelo, Miss., July 10 – In CLO market action, Five Arrows Managers North America LLC closed Friday on its previously reported $302.75 million Ocean Trails CLO 8/Ocean Trails CLO 8 LLC transaction.
The CLO priced $180 million of class A-1 floating-rate notes at Libor plus 195 basis points at the top of the capital stack.
GoldenTree Asset Management LP also wrapped its €373.7 million new issue GoldenTree Loan Management EUR CLO 4 DAC offering, which placed €221 million of class A floating-rate notes at Euribor plus 155 bps.
Year to date, about $35 billion of dollar-denominated broadly syndicated CLOs and more than €10 billion of euro-denominated broadly syndicated CLOs have priced.
Elsewhere, S&P Global Ratings announced downgrades to tranches from several European CLOs on Friday, including Tikehau CLO V BV, OCP Euro CLO 2017-1 DAC and Euro-Galaxy III CLO BV.
In other activity, leveraged loan outflows declined to $207 million in the past week ended Wednesday from $427 million a week ago, according to Fitch Ratings on Friday.
Year-to-date outflows total $17.5 billion.
Secondary action slowed over the week in high-grade securitized paper, while appetite for tranches lower down the capital stack increased, according to Trace data.
On Thursday, $300.79 million of high-grade CBO/CDO/CLO was traded, compared to $412.68 million on Wednesday, $311.04 million on Tuesday and $225.61 million on Monday.
Investment-grade CBO/CDO/CLO paper improved to an average 95.30 over Thursday’s session from 95.20 on Wednesday but was off Tuesday’s average of 96.10 and Monday’s 98.20 average.
Trading volume in securities further down the capital structure increased to $187.64 million on Thursday from $110.38 million on Wednesday, $167.36 million on Tuesday and $54.96 million on Monday.
Average prices for non-high-grade CBO/CDO/CLO securities softened to a 77.80 average in the previous session from 83.40 on Wednesday, 85.50 on Tuesday and 88.50 on Monday.
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