BlackRock, PineBridge price new CLOs; New York Life refinances 2012 CLO; Oaktree preps CLO

By Cristal Cody

Eureka Springs, Ark., Oct. 3 – CLO primary and refinancing action remains strong ahead of the December compliance deadline for risk retention requirements, sources report.

BlackRock Financial Management, Inc. brought $539.55 million of notes in its second new CLO deal of the year.

New York Life Investment Management LLC refinanced $349.5 million of notes in a vintage 2012 CLO offering.

In the European CLO primary market, PineBridge Investments Europe Ltd. priced a €411.1 million deal.

Also, Oaktree Capital Management (UK) LLP is marketing a €413.45 million euro-denominated CLO.

In other activity, “Markets await clarity on the Deutsche Bank situation, and there has also been some stress in swap spreads and macro noise,” J.P. Morgan Securities LLC analysts said in a note. “For CLOs, the point is that with spread compression there is less room to keep outperforming, but we don't think we're quite there yet.”

BlackRock Financial Management sold $539.55 million of notes due Nov. 15, 2028 in a new collateralized loan obligation deal, according to a market source.

Magnetite XVIII, Ltd./Magnetite XVIII LLC priced $340.26 million of class A senior secured floating-rate notes at Libor plus 140 basis points in the senior tranche.

Goldman Sachs & Co. arranged the deal.

BlackRock Financial Management will manage the CLO.

The firm has priced two new CLOs and refinanced one CLO year to date.

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