By Cristal Cody
Tupelo, Miss., Jan. 31 - Morgan Stanley & Co. LLC took the lead as the top deal arranger in the collateralized loan obligation market in January, according to data compiled by Prospect News.
About $1.9 billion of CLOs have priced in four U.S. transactions, including a refinancing deal, compared to January 2013 when nearly $8.5 billion of CLOs priced in 16 deals, according to market sources and data. In addition to the U.S. deals, one European CLO transaction priced in January.
Morgan Stanley arranged the month's largest offering with the $624 million LCM XV LP/LCM XV LLC CLO transaction for LCM Asset Management LLC that priced on Tuesday, according to an informed source.
BofA Merrill Lynch ranks as the second top deal arranger following Alcentra Ltd.'s €413.5 million Jubilee CLO 2014-XI BV European CLO that priced on Jan. 24.
Citigroup Global Markets Inc. came in as the month's third lead placement agent with the Jan. 17 CLO transaction from Oaktree Capital Management, LP. Oaktree Capital Management sold $516.5 million of notes in the Oaktree CLO 2014-1 Ltd./Oaktree CLO 2014 LLC offering.
Jefferies LLC placed as the month's fourth top lead placement agent. Jefferies arranged the $416.75 million Acis CLO 2014-3 Ltd./Acis CLO 2014-3 LLC deal that priced on Jan. 16 for Acis Capital Management, LP.
RBS Securities Inc. ranks as the fifth top placement agent with the year's first refinancing transaction. Prudential Investment Management, Inc. refinanced the $304.85 million Dryden XXII Senior Loan Fund/Dryden XXII Senior Loan Fund Corp. CLO with lower coupons on Jan. 15.
CLOs, all currencies, year to date
| Lead arranger | Amount | No. | Share
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| 1 | Morgan Stanley | 0.624 | 1 | 25.70%
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| 2 | Bank of America | 0.566 | 1 | 23.30%
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| 3 | Citigroup | 0.516 | 1 | 21.28%
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| 4 | Jefferies | 0.417 | 1 | 17.17%
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| 5 | RBS | 0.305 | 1 | 12.56%
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| Total | 2.428 | 5 |
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| Average size: | 0.486 |
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| CLOs, dollar denominated, year to date |
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| Lead arranger | Amount | No. | Share
|
| 1 | Morgan Stanley | 0.624 | 1 | 33.51%
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| 2 | Citigroup | 0.516 | 1 | 27.74%
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| 3 | Jefferies | 0.417 | 1 | 22.38%
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| 4 | RBS | 0.305 | 1 | 16.37%
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| Total | 1.862 | 4 |
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| Average size: | 0.466 |
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| Prospect News CLO Underwriter Rankings
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Criteria
• Offerings are included in the time period in which they price (if the pricing date is available), otherwise in the time period in which they settle.
• Amounts are based on the total sales price (face amount multiplied by the offering price). The full amount is credited to the bookrunner. For multiple bookrunners, the total value is divided equally among all the firms.
• Numeric totals are for the number of deals (not tranches).
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