By Cristal Cody
Tupelo, Miss., Feb. 28 – Morgan Stanley & Co. LLC remained the leading placement agent in the collateralized loan obligation market in February and for the year to date, according to data compiled by Prospect News.
More than $9 billion in 18 CLO deals have priced so far in 2014, according to the data.
Morgan Stanley’s share of the primary market rose on Friday with the $726.5 million Carlyle Global Market Strategies CLO 2014-1, Ltd. offering that it arranged for Carlyle Investment Management LLC, according to an informed source.
Morgan Stanley also arranged the $572 million Neuberger Berman CLO XVI, Ltd./Neuberger Berman CLO XVI, LLC transaction that Neuberger Berman Fixed Income LLC priced on Feb. 11, the data shows.
BofA Merrill Lynch continued to rank as the number two deal arranger for the month, according to the data.
BofA Merrill Lynch arranged the $746.04 million Madison Park Funding XIII Ltd./Madison Park Funding XIII LLC deal for Credit Suisse Asset Management, LLC and the $517.75 million Anchorage Capital CLO 3, Ltd./Anchorage Capital CLO 3, LLC transaction for Anchorage Capital Group, LLC in February, according to market sources.
RBS Securities Inc. moved up in February to rank as the third placed bookrunner. RBS had ranked fifth in January.
RBS was co-arranger on 3i Debt Management Investments Ltd.’s €425 million Harvest VIII CLO Ltd. offering that priced on Tuesday, according to an informed source.
RBS also arranged the $512.77 million Venture XVI CLO Ltd./Venture XVI CLO LLC deal that MJX Asset Management LLC brought in February.
CLOs, all currencies, year to date
| Lead arranger | Amount | No. | Share
|
| 1 | Morgan Stanley | 1.923 | 3 | 20.93%
|
| 2 | Bank of America | 1.829 | 3 | 19.91%
|
| 3 | RBS | 1.372 | 4 | 14.93%
|
| 4 | Citigroup | 1.294 | 3 | 14.08%
|
| 5 | Credit Suisse | 0.670 | 1 | 7.29%
|
| 6 | BNP | 0.522 | 1 | 5.68%
|
| 7 | Wells Fargo | 0.453 | 1 | 4.93%
|
| 8 | Jefferies | 0.417 | 1 | 4.54%
|
| 9 | GreensLedge | 0.416 | 1 | 4.53%
|
| 10 | Resource | 0.292 | 1 | 3.18%
|
| Total | 9.187 | 18 |
|
| Average size: | 0.510 |
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| CLOs, all currencies, February |
|
|
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| Lead arranger | Amount | No. | Share
|
| 1 | Morgan Stanley | 1.299 | 2 | 21.24%
|
| 2 | Bank of America | 1.264 | 2 | 20.67%
|
| 3 | RBS | 0.794 | 2 | 12.98%
|
| 4 | Credit Suisse | 0.670 | 1 | 10.95%
|
| 5 | BNP | 0.522 | 1 | 8.54%
|
| 6 | Wells Fargo | 0.453 | 1 | 7.41%
|
| 7 | GreensLedge | 0.416 | 1 | 6.80%
|
| 8 | Citigroup | 0.406 | 1 | 6.64%
|
| 9 | Resource | 0.292 | 1 | 4.77%
|
| Total | 6.115 | 11 |
|
| Average size: | 0.556 |
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| CLOs, dollar denominated, year to date |
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|
| Lead arranger | Amount | No. | Share
|
| 1 | Morgan Stanley | 1.923 | 3 | 23.92%
|
| 2 | Citigroup | 1.294 | 3 | 16.09%
|
| 3 | Bank of America | 1.264 | 2 | 15.72%
|
| 4 | RBS | 1.080 | 3 | 13.43%
|
| 5 | Credit Suisse | 0.670 | 1 | 8.33%
|
| 6 | BNP | 0.522 | 1 | 6.50%
|
| 7 | Wells Fargo | 0.453 | 1 | 5.64%
|
| 8 | Jefferies | 0.417 | 1 | 5.19%
|
| 9 | GreensLedge | 0.416 | 1 | 5.18%
|
| Total | 8.038 | 16 |
|
| Average size: | 0.502 |
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| CLOs, dollar denominated, February |
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|
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| Lead arranger | Amount | No. | Share
|
| 1 | Morgan Stanley | 1.299 | 2 | 23.48%
|
| 2 | Bank of America | 1.264 | 2 | 22.85%
|
| 3 | Credit Suisse | 0.670 | 1 | 12.11%
|
| 4 | BNP | 0.522 | 1 | 9.44%
|
| 5 | RBS | 0.502 | 1 | 9.07%
|
| 6 | Wells Fargo | 0.453 | 1 | 8.19%
|
| 7 | GreensLedge | 0.416 | 1 | 7.52%
|
| 8 | Citigroup | 0.406 | 1 | 7.34%
|
| Total | 5.531 | 10 |
|
| Average size: | 0.553 |
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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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