Ares prices $409 million CLO; HalseyPoint issues CLO; high-grade CBO/CDO/CLOs improve

By Cristal Cody

Tupelo, Miss., Nov. 24 – In new CLO primary activity, Ares Management LP subsidiary Ares CLO Management LLC priced $409 million of notes in the manager’s third broadly syndicated CLO offering of the year.

Also, HalseyPoint Asset Management LLC closed Tuesday on $498.12 million of notes in the manager’s second new broadly syndicated CLO deal priced in 2020.

In other activity, MJX Asset Management LLC closed Tuesday on its previously reported $451.87 million Venture 40 CLO, Ltd./Venture 40 CLO, LLC broadly syndicated CLO deal.

The CLO sold $270 million of the class A-1 senior secured floating-rate notes at Libor plus 136 basis points.

More than $70 billion of dollar-denominated broadly syndicated CLOs have priced year to date, according to market sources.

Looking at the secondary market, high-grade CBO/CDO/CLO paper improved on Monday.

In the previous session, $228.74 million of high-grade CBO/CDO/CLO notes were traded at an average price of 99.10, according to Trace.

In the same session last week, $324.98 million of investment-grade CBO/CDO/CLO notes were traded at an average price of 98.30.

Monday’s session also saw $187.45 million of non-investment-grade tranches trade at an average price of 83.20, down slightly from the same period a week ago when $174.14 million of lower-rated paper was traded at an average price of 83.50.

Ares LVII CLO prints

Ares CLO Management priced $409 million of notes due Oct. 25, 2031 in the new CLO deal, according to market sources.

Ares LVII CLO Ltd./Ares LVII CLO LLC sold $256 million of the class A floating-rate notes at Libor plus 132 bps.

J.P. Morgan Securities LLC was the placement agent.

The offering is backed primarily by broadly syndicated senior secured corporate loans.

Ares has priced three new dollar-denominated CLOs year to date.

The alternative asset management firm is based in Los Angeles.

HalseyPoint prices

HalseyPoint Asset Management issued $498.12 million of notes due Nov. 30, 2032 in its CLO offering that closed on Tuesday, according to market sources.

HalseyPoint CLO 3, Ltd./HalseyPoint CLO 3, LLC sold $280 million of class A-1A floating-rate notes at Libor plus 145 bps at the top of the capital stack.

Citigroup Global Markets Inc. was the placement agent.

The deal is collateralized primarily by broadly syndicated senior secured corporate loans.

HalseyPoint Asset Management has priced two new CLOs year to date following its debut CLO transaction, HalseyPoint CLO I, Ltd./HalseyPoint CLO I, LLC, in December 2019.

The Los Angeles-based asset management firm was founded in 2018.

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