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Carlyle readies €300 million CLO; February issuance forecast to stay light due to Volcker
By Cristal Cody
Tupelo, Miss., Jan. 30 - The European collateralized loan obligation market is expected to see primary action in February with at least one deal on the calendar, according to market sources.
The Carlyle Group LP is underway with plans to offer a €300 million European CLO transaction, according to an informed source on Thursday.
"This isn't happening this week," the source said.
A few deals are in the works to price in February, though primary activity is expected to be sparse until concerns surrounding the Volcker Rule are eased, according to informed sources.
The Volcker Rule, issued on Dec. 10 as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, prohibits banks from owning CLOs that hold debt securities. The rule is set to go into effect in 2015.
Looking ahead, Arrowpoint Asset Management LLC intends to be in the primary market with the $419 million Arrowpoint CLO 2014-2 Ltd./Arrowpoint CLO 2014-2 Corp. deal, according to an informed source.
Also coming up, Redan Park Asset Management LLC is expected to offer a $300 million CLO and Feingold O'Keefe Capital, LLC intends to price a $400 million CLO, sources said.
Carlyle preps European CLO
The Carlyle Group's €300 million Carlyle Global Market Strategies Euro CLO 2014-1, Ltd. transaction is expected to price in February, according to an informed source.
Credit Suisse Securities (Europe) Ltd. is the placement agent.
CELF Advisors LLP, a member of the Carlyle Group, will manage the CLO.
Washington, D.C.-based Carlyle Group brought two European CLOs in 2013. The firm sold the €350 million Carlyle Global Market Strategies Euro CLO 2013-1 BV offering in June and the €335.9 million Carlyle Global Market Strategies Euro CLO 2013-2, Ltd. deal in September.
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