| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers N > Headlines for NIBC Bank NV > News item |
NIBC Bank prices euro CLO; Brigade cancels partial refinancing of Armada Euro CLO
By Cristal Cody
Tupelo, Miss., Nov. 25 In new European primary action, NIBC Bank NV sold 410 million of notes due 2032 in the North Westerly CLO VI BV deal.
The deal was priced via MUFG, according to a market source. Final pricing details were not immediately available.
In other activity in the Europe market, Brigade Capital Europe Management, LLP announced it has cancelled the partial refinancing of the vintage 2017 Armada Euro CLO I DAC transaction scheduled for Tuesday.
The London-based collateral manager notified the issuer that one or more conditions for optional redemption of the class A and class B notes will not be satisfied by the proposed redemption date, according to the market notice.
The CLO originally was issued Sept. 21, 2017. In the offering, the CLO had priced 211 million of class A senior secured floating-rate notes at par to yield Euribor plus 93 basis points, 49.2 million of class B senior secured floating-rate notes at par to yield Euribor plus 160 bps, 24.1 million of class C senior secured deferrable floating-rate notes at par to yield Euribor plus 215 bps and 16 million of class D senior secured deferrable floating-rate notes at par to yield Euribor plus 310 bps.
The CLO also had priced 23.2 million of class E senior secured deferrable floating-rate notes at 96.90 and a coupon of Euribor plus 535 bps, 10.2 million of class F senior secured deferrable floating-rate notes at 95.65 and a coupon of Euribor plus 710 bps and 34.5 million of subordinated notes.
More than 28 billion of euro-denominated CLOs have priced year to date, according to market sources.
Looking at the dollar-denominated secondary market, Fridays session posted $323.51 million of investment-grade CBO/CDO/CLO paper and $252.65 million of non-high-grade issues traded, according to Trace data.
The investment-grade securities improved to a 99.20 average price from 99.00 in the prior session, while the lower-rated CBO/CDO/CLO issues softened to an average 80.80 price from an average price of 86.20 on Thursday.
© 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.