CSAM prices $1.03 billion; Par-Four readies $465.01 million CLO; Telos joins pipeline

By Cristal Cody

Tupelo, Miss., July 8 – Credit Suisse Asset Management, LLC sold $1,036,000,000 of notes in the year’s third $1 billion-plus CLO transaction, according to a market source on Tuesday.

CSAM priced the AAA-rated notes at Libor plus 145 basis points.

A $1 billion-plus CLO deal has priced in each of the past three months.

In May, Onex Credit Partners LLC priced the $1,001,750,000 OCP CLO 2014-6 Ltd./OCP CLO 2014-6 Corp. offering, while Apollo Credit Management (CLO) LLC brought the $1,542,100,000 ALM XIV, Ltd. deal in June.

More than $70 billion of CLOs have priced year to date in the U.S. and European markets.

J.P. Morgan Securities LLC analysts project as much as $120 billion of total issuance for the year.

About $10 billion of CLO transactions are in the near-term pipeline, according to a market source.

Par-Four Investment Management, LLC plans to price a $465.01 million CLO offering, according to a market source.

Telos Asset Management LLC also joins the pipeline with a new CLO deal.

Credit Suisse Asset Management sold $1,036,000,000 of notes due July 21, 2026 in the Madison Park Funding XIV Ltd./Madison Park Funding XIV LLC offering, according to a market source.

Morgan Stanley & Co. LLC was the placement agent.

Credit Suisse Asset Management will manage the CLO, which is backed primarily by senior secured loans.

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