Investcorp, Anchorage, PGIM, Ares close CLOs; high-grade secondary pace tops $1 billion

By Cristal Cody

Tupelo, Miss., March 20 – In CLO market activity, a few previously reported new issue and refinanced transactions closed on Friday.

Investcorp Credit Management EU Ltd. closed on its €489.1 million Harvest CLO XXIII DAC offering.

Anchorage Capital Group, LLC settled its $509.6 million Anchorage Credit Funding 10, Ltd./Anchorage Credit Funding 10, LLC deal.

PGIM, Inc. wrapped its $504.62 million Dryden 78 CLO, Ltd./Dryden 78 CLO, LLC new issue.

Ares Management LLC closed on its $977,325,000 second refinancing and reset of the vintage 2015 Ares XXXIV CLO Ltd./Ares XXXIV CLO LLC deal.

Secondary volume

Meanwhile, secondary market volume remained strong on Thursday in high-grade tranches.

During the previous session, $1.12 billion of investment-grade CBO/CDO/CLO paper and $54.75 million of lower-rated issues traded, according to Trace data.

The high-grade issues declined to 86 from an average price of 89.20 in the prior session and to an 86.80 weighted average price from a 90.80 weighted average price on Wednesday.

The non-investment-grade CBO/CDO/CLO securities softened to an average 64.60 price from 68.20 on Wednesday and to a 63.80 weighted average price from a 65.80 weighted average price in the prior session.

High-grade CBO/CDO/CLO trading volume this week included $576.34 million of paper traded on Wednesday, $1.79 billion on Tuesday and $895.52 million on Monday.

In the non-high-grade issues, trading volume included $107.87 million of securities traded on Wednesday, $25.59 million on Tuesday and $189.9 million on Monday.

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