By Cristal Cody
Tupelo, Miss., March 31 - BofA Merrill Lynch moved up a notch to rank as the top CLO deal arranger for U.S. dollar and euro-denominated deals priced in March and year to date, according to data compiled by Prospect News.
The firm arranged more than $2 billion of transactions in March for a 21.85% share of the market, data show.
BofA Merrill Lynch leads as the top deal arranger for all currencies year to date and has arranged nearly $4 billion, or 18.43%, of transactions in the first three months of the year, according to data.
BofA Merrill Lynch arranged CVC Credit Partners, LLC's $519.25 million Apidos CLO XVII/Apidos CLO XVII LLC offering placed on March 20, according to a market source.
BofA Merrill Lynch also arranged Babson Capital Europe Ltd.'s €413.55 million Babson Euro CLO 2014-1 BV deal brought on March 13, according to a source.
Nearly $10 billion of CLO deals priced in the U.S. and European markets in March, according to data.
More than $21 billion of CLO transactions have priced over the past three months.
In the U.S. dollar-denominated CLO market, Citigroup Global Markets Inc. moved up to rank as the top placement agent for March and year to date, according to data.
Citigroup arranged $1.8 billion, or 21.32%, of CLO deals in March. The firm has arranged $3.6 billion, or 18.92%, of U.S. dollar-denominated CLO transactions year to date, according to the data.
In March, Citigroup arranged deals that included Canyon Capital Advisors LLC's $415.25 million Canyon Capital CLO 2014-1, Ltd./Canyon Capital CLO 2014-1, LLC transaction priced on March 25, TPG Global, LLC's $479 million TICP CLO I, Ltd./TICP CLO I, LLC deal brought on March 12 and Onex Credit Partners LLC's $420.02 million OCP CLO 2014-5 Ltd./OCP CLO 2014-5 Corp. offering placed on March 4.
More than $8.5 billion of U.S. dollar-denominated CLO transactions priced in March, according to the data.
CLOs, all currencies, year to date
| Lead arranger | Amount | No. | Share
|
| 1 | Bank of America | 3.954 | 7 | 18.43%
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| 2 | Citigroup | 3.621 | 8 | 16.87%
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| 3 | Morgan Stanley | 2.650 | 4 | 12.35%
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| 4 | Credit Suisse | 2.132 | 4 | 9.94%
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| 5 | Deutsche Bank | 1.803 | 3 | 8.40%
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| 6 | RBS | 1.745 | 5 | 8.13%
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| 7 | Jefferies | 0.930 | 3 | 4.33%
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| 8 | JPMorgan | 0.924 | 2 | 4.31%
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| 9 | Wells Fargo | 0.865 | 2 | 4.03%
|
| 10 | Goldman Sachs | 0.584 | 1 | 2.72%
|
| Total | 21.458 | 43 |
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| Average size: | 0.499 |
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| CLOs, all currencies, March |
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| Lead arranger | Amount | No. | Share
|
| 1 | Bank of America | 2.131 | 4 | 21.85%
|
| 2 | Citigroup | 1.828 | 4 | 18.75%
|
| 3 | Deutsche Bank | 1.182 | 2 | 12.12%
|
| 4 | JPMorgan | 0.924 | 2 | 9.47%
|
| 5 | Credit Suisse | 0.840 | 2 | 8.61%
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| 6 | Morgan Stanley | 0.728 | 1 | 7.46%
|
| 7 | Goldman Sachs | 0.584 | 1 | 5.99%
|
| 8 | StormHarbour | 0.414 | 1 | 4.25%
|
| 9 | Wells Fargo | 0.412 | 1 | 4.22%
|
| 10 | Natixis | 0.401 | 1 | 4.11%
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| 11 | Jefferies | 0.309 | 1 | 3.17%
|
| Total | 9.752 | 20 |
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| Average size: | 0.488 |
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| CLOs, dollar denominated, year to date |
|
|
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| Lead arranger | Amount | No. | Share
|
| 1 | Citigroup | 3.621 | 8 | 18.92%
|
| 2 | Bank of America | 2.821 | 5 | 14.74%
|
| 3 | Morgan Stanley | 2.650 | 4 | 13.85%
|
| 4 | Credit Suisse | 2.132 | 4 | 11.14%
|
| 5 | RBS | 1.453 | 4 | 7.59%
|
| 6 | Deutsche Bank | 1.200 | 2 | 6.27%
|
| 7 | Jefferies | 0.930 | 3 | 4.86%
|
| 8 | JPMorgan | 0.924 | 2 | 4.83%
|
| 9 | Wells Fargo | 0.865 | 2 | 4.52%
|
| 10 | Goldman Sachs | 0.584 | 1 | 3.05%
|
| Total | 19.138 | 39 |
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| Average size: | 0.491 |
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| CLOs, dollar denominated, March |
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| Lead arranger | Amount | No. | Share
|
| 1 | Citigroup | 1.828 | 4 | 21.32%
|
| 2 | Bank of America | 1.557 | 3 | 18.16%
|
| 3 | JPMorgan | 0.924 | 2 | 10.77%
|
| 4 | Credit Suisse | 0.840 | 2 | 9.79%
|
| 5 | Morgan Stanley | 0.728 | 1 | 8.48%
|
| 6 | Goldman Sachs | 0.584 | 1 | 6.81%
|
| 7 | Deutsche Bank | 0.579 | 1 | 6.76%
|
| 8 | StormHarbour | 0.414 | 1 | 4.83%
|
| 9 | Wells Fargo | 0.412 | 1 | 4.80%
|
| 10 | Natixis | 0.401 | 1 | 4.67%
|
| 11 | Jefferies | 0.309 | 1 | 3.60%
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| Total | 8.575 | 18 |
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| Average size: | 0.476 |
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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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