CLO primary quiet; May volume climbs above $10 billion; CIFC, Santander in pipeline

By Cristal Cody

Tupelo, Miss., May 29 - Primary activity in the collateralized loan obligation market quieted on Thursday following strong issuance over the week and month, according to market sources.

More than $10 billion of CLOs have priced in May.

"It's been busy," a market source said.

3i Debt Management U.S. LLC was in the primary market on Wednesday with the $617.4 million Jamestown CLO IV Ltd./Jamestown CLO IV Corp. deal.

About $11 billion of CLO transactions are in the U.S. and European pipelines, according to a market source.

Among the upcoming deals, CIFC Asset Management LLC is underway with marketing a $621.22 million CLO deal via BNP Paribas Securities Corp., a source said.

NewMark Capital Management, LLC plans to offer $400 million of notes in the NewMark Capital Funding 2014-2 CLO Ltd./NewMark Capital Funding 2014-2 CLO LLC deal, according to a market source.

Jefferies LLC is the placement agent.

In the European CLO market, Banco Santander SA intends to price €1.86 billion of notes due 2050 in the FTA Pymes Santander 8 CLO transaction, according to a market source.

New issue CLO AAA notes remain stuck in the Libor plus 150 basis points area, sources said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.