Invesco brings $617.85 million CLO; Neuberger Berman, CVC Credit Partners in deal pipeline

By Cristal Cody

Tupelo, Miss., June 13 – Details of Invesco Senior Secured Management, Inc.’s $617.85 million collateralized loan obligation transaction emerged on Friday, with the CLO placing the AAA tranche at Libor plus 145 basis points, according to a market source.

More than $53 billion of CLOs have priced year to date as issuance remains strong in June.

“After a busy start to 2014, the global CLO market has kicked into an even higher gear in June,” Barclays analysts said in a note on Friday.

More than $7 billion of CLOs have priced over the month, including the largest CLO deal since the financial crisis.

A week ago, Apollo Credit Management (CLO) LLC priced $1.5 billion of notes in the ALM XIV, Ltd. CLO transaction. The deal follows Onex Credit Partners LLC’s $1 billion OCP CLO 2014-6 Ltd./OCP CLO 2014-6 Corp. offering on May 22.

“Indications from the pipeline suggest that this record will not stand long,” the Barclays note said. “Meanwhile, Europe has priced three deals this month for slightly more than €1.3 billion in total proceeds, making June the busiest month of the year less than halfway through.”

About $13 billion of CLO transactions are in the pipeline, according to a market source.

Neuberger Berman Fixed Income LLC intends to place a $569.75 million CLO, according to a market source.

CVC Credit Partners, LLC joins the pipeline with a $514.05 million deal, a market source said.

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