Cairn, Halcyon, Cassa di Risparmio, Banco Santander tap Europe; CLOs mixed in secondary

By Cristal Cody

Tupelo, Miss., Dec. 8 – Euro-denominated CLO issuance received a year-end boost with new deals priced by Cairn Capital Ltd., Halcyon Loan Advisors (U.K.) LLP, Cassa di Risparmio di Asti SpA and Banco Santander SA, according to market sources.

Cairn Capital brought a €309.5 million transaction and sold the AAA-rated tranche of notes at Euribor plus 125 basis points, a source said.

Halcyon Loan Advisors (U.K.) priced a €309.9 million offering and placed the AAA notes at Euribor plus 127 bps, according to a source.

Oaktree Capital Management (UK) LLP also was in the European primary market with the Arbour CLO II Ltd. transaction, a source said.

Final pricing details were not available by press time.

Italian bank Cassa di Risparmio di Asti priced a €683.2 million CLO offering and placed the AAA slice at Euribor plus 80 bps, a market source said.

Spanish global bank Banco Santander tapped the market with a €4.56 billion CLO deal and priced the AAA-rated tranche at Euribor plus 106 bps, according to a market source.

More than €13 billion of euro-denominated CLOs have priced year to date, according to data compiled by Prospect News.

In the European secondary market, CLO notes are unchanged since the end of November, according to a J.P. Morgan Securities LLC research note.

Euro-denominated AAA notes traded flat at Euribor plus 88 bps, while BB notes were unchanged at Euribor plus 320 bps.

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