Citigroup top placement agent for U.S., Europe CLO deals in April

By Cristal Cody

Tupelo, Miss., April 30 - Citigroup Inc. took over as the top placement agent for all CLO deals priced in April and year to date, according to data compiled by Prospect News.

The underwriter arranged $2.12 billion, or 16.46%, of transactions in April. Year to date, Citigroup has placed $5.7 billion of CLO offerings for a nearly 15% share of the market.

Citigroup also continued in April to rank as the top U.S. dollar-denominated CLO placement agent, according to data.

In April, Citi arranged deals that included Trimaran Advisors, LLC's $467.9 million Catamaran CLO 2014-1 Ltd./Catamaran CLO 2014-1 LLC transaction, GC Investment Management LLC's $410.5 million Golub Capital Partners CLO 19 (B) Ltd./Golub Capital Partners CLO 19 (B) LLC deal and Halcyon Loan Advisors LP's $569.53 million Halcyon Loan Advisors Funding 2014-2 Ltd./Halcyon Loan Advisors Funding 2014-2 LLC offering.

BofA Merrill Lynch slipped from the top position in March to rank as the sixth lead placement agent for all deals brought in April, according to the data.

Year to date, BofA Merrill Lynch ranks as the No. 2 CLO underwriter and has arranged $4.88 billion, or 12.64%, of transactions.

More than $33 billion of CLOs have priced through the first four months of the year.

In April, more than $11 billion of U.S. dollar-denominated CLOs priced, while the month saw a total of $12.9 billion of issuance, including two euro-denominated deals.

BNP Paribas Securities Corp. arranged Blackstone/GSO Debt Funds Management Europe Ltd.'s €513.6 million Holland Park CLO Ltd. deal on April 3. The placement agent ranks as the No. 3 underwriter of all CLO deals priced in April with nearly a 12% share of the market, according to the data.

J.P. Morgan Securities LLC arranged the month's second European offering, the €513.1 million Jubilee CLO 2014-XII BV deal priced on April 17 from CLO manager Alcentra Ltd.

JPMorgan ranks as the fifth place underwriter in all CLO deals brought in April and arranged nearly $1.2 billion, or 9.3%, of transactions during the month. Year to date, JPMorgan ranks as the sixth place placement agent.

CLOs, all currencies, year to date

	Lead arranger	Amount	No.	Share
1	Citigroup	5.743	13	14.87%
2	Bank of America	4.881	9	12.64%
3	Morgan Stanley	4.480	7	11.60%
4	Wells Fargo	3.260	7	8.44%
5	Credit Suisse	3.069	6	7.95%
6	JPMorgan	2.764	5	7.16%
7	Goldman Sachs	2.638	4	6.83%
8	Deutsche Bank	2.603	5	6.74%
9	BNP	2.010	4	5.20%
10	RBS	1.745	5	4.52%
	Total	38.621	77
	Average size:	0.502
CLOs, all currencies, April
	Lead arranger	Amount	No.	Share
1	Citigroup	2.122	5	16.46%
2	Wells Fargo	1.829	4	14.18%
3	BNP	1.487	3	11.54%
4	Morgan Stanley	1.202	2	9.32%
5	JPMorgan	1.199	2	9.30%
6	Bank of America	0.926	2	7.18%
7	Goldman Sachs	0.812	1	6.30%
8	Deutsche Bank	0.800	2	6.21%
9	Natixis	0.800	1	6.21%
10	Credit Suisse	0.421	1	3.27%
	Total	12.892	26
	Average size:	0.496
CLOs, dollar denominated, year to date
	Lead arranger	Amount	No.	Share
1	Citigroup	5.743	13	17.01%
2	Morgan Stanley	4.480	7	13.27%
3	Bank of America	3.747	7	11.10%
4	Wells Fargo	3.260	7	9.66%
5	Credit Suisse	2.554	5	7.57%
6	JPMorgan	2.055	4	6.09%
7	Goldman Sachs	2.018	3	5.98%
8	Deutsche Bank	2.000	4	5.93%
9	Natixis	1.479	3	4.38%
10	RBS	1.453	4	4.30%
	Total	33.752	69
	Average size:	0.489
CLOs, dollar denominated, April
	Lead arranger	Amount	No.	Share
1	Citigroup	2.122	5	18.48%
2	Wells Fargo	1.829	4	15.93%
3	Morgan Stanley	1.202	2	10.47%
4	Bank of America	0.926	2	8.07%
5	Goldman Sachs	0.812	1	7.07%
6	Deutsche Bank	0.800	2	6.97%
7	Natixis	0.800	1	6.97%
8	BNP	0.783	2	6.82%
9	JPMorgan	0.490	1	4.27%
10	Credit Suisse	0.421	1	3.67%
	Total	11.479	24
	Average size:	0.478
Prospect News CLO Underwriter Rankings

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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