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Primary thins; rest of month forecast as busier; 3i brings first euro Volcker-compliant CLO
By Cristal Cody
Tupelo, Miss., July 17 – Activity in the CLO market on Thursday included a deal from TPG Global, LLC, according to a market source.
TPG brought the TICP CLO II, Ltd./TICP CLO II, LLC offering with a tranche of AAA-rated notes priced at Libor plus 145 basis points, a source said. Citigroup Global Markets Inc. arranged the deal.
TICP CLO II Management, LLC, a unit of TPG Institutional Credit Partners, LLC, will manage the CLO.
Final pricing details were not available by press time.
Primary action has been muted over the week following a strong start to the month, according to market sources.
“The rest of the month will still be busy because a lot of people are trying to get things done before August,” one source said.
In the European CLO market, 3i Group plc said in a statement released overnight that it has closed on the Harvest IX CLO Ltd. transaction that 3i Debt Management Investments Ltd. priced in June.
The €525 million CLO is the largest European CLO to date and is the “first loan-only Volcker compliant CLO issued in Europe,” the firm said.
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