Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers P > Headlines for PineBridge Investments Europe Ltd. > News item |
Europes CLO primary active; PineBridge sells 411 million CLO; secondary strong
By Cristal Cody
Tupelo, Miss., March 21 European CLO deal action continues to ramp up in March.
PineBridge Investments Europe Ltd. priced 411 million of notes in a new CLO offering via Euro-Galaxy VI CLO BV. In the offering, the issuer sold 245.5 million of class A senior secured floating-rate notes at Euribor plus 71 basis points in the senior tranche.
Morgan Stanley & Co. International plc was the placement agent.
BlackRock Investment Management (UK) Ltd. also plans to issue 413.5 million of notes due 2031 in the previously reported BlackRock European CLO V DAC transaction.
Euro-denominated CLO issuance and refinancings are expected to increase over the year.
Earlier in the month, BofA Merrill Lynch analysts raised their forecast to a post-financial crisis high of 22 billion to 25 billion in 2018, up from their previous forecast of 18 billion.
Other market strategists also had forecasted about 18 billion to 20 billion of new euro-denominated CLO volume for the year and about 24 billion of refinancing volume.
In 2017, about 20 billion of new euro-denominated CLOs priced, while another 23 billion of European existing CLOs were refinanced and/or reset.
Elsewhere in the secondary market, trading was heavy in high-grade CDO/CBO/CLO issues on Tuesday, according to Trace data. During the session, $322 million of issues traded, while another $77.11 million of lower-rated securities were traded.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.