CLO primary forecast to see some issuance over short week; activity light as desks thin

By Cristal Cody

Tupelo, Miss., Nov. 25 - Some primary activity is expected over the shortened holiday week in the collateralized loan obligation market, though activity will be light overall, according to an informed source.

The markets will close on Thursday for the Thanksgiving Day holiday and close early on Friday, but the potential is there for one or two CLO managers to price deals "ahead of the holiday," a source said.

Primary activity picked up the previous week with U.S. dollar-denominated CLO deals from MP Senior Credit Partners LP and Apollo Credit Management LLC and a European CLO transaction from Pramerica Investment Management Ltd.

More than $70 billion of CLOs have priced to date this year, and market sources estimate up to $80 billon of total issuance for 2013.

Other deals still in the pipeline include NIBC Bank NV's €300 million North Westerly CLO IV offering and Alcentra NY LLC's $413.85 million Shackleton 2013-1 CLO LLC transaction.

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