Credit Suisse Asset Management to price $1 billion CLO; fall primary pickup on tap

By Cristal Cody

Tupelo, Miss., Sept. 12 – Primary action in the collateralized loan obligation market has remained light for the first part of September, but new deals are expected to join the fall pipeline, according to sources on Friday.

There are several “new issues people are working on,” one source said.

Coming up, Credit Suisse Asset Management, LLC intends to bring its second $1 billion collateralized loan obligation transaction of the year via Credit Suisse Securities (USA) LLC, according to a market source.

The New York-based firm brought the $1,036,000,000 Madison Park Funding XIV Ltd./Madison Park Funding XIV LLC deal on July 7.

Credit Suisse Asset Management, a unit of Credit Suisse Group AG, has priced three CLO transactions and refinanced two vintage CLOs year to date.

Other issuance is expected before the year ends from CLO managers including Palmer Square Capital Management LLC.

Nearly $91 billion of U.S. CLOs have priced year to date, according to data compiled by Prospect News. More than €10 billion of euro-denominated CLOs have priced over the year, according to the data.

In the European primary market, Alcentra Ltd. is expected to price a €414 million CLO deal via Morgan Stanley & Co. International plc.

Analysts forecast up to $120 billion of total CLO issuance for 2014.

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