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CSAM brings manager’s second deal of year; Sound Point prices CLO; loan outflows rise
By Cristal Cody
Tupelo, Miss., May 10 – In new primary action in the broadly syndicated CLO market, Credit Suisse Asset Management, LLC priced $801.25 million of notes.
The offering is the manager’s second dollar-denominated offering of the year.
In other new issuance, Sound Point Capital Management LP priced a $608.15 million CLO transaction.
Year to date, about $40 billion of dollar-denominated CLOs have priced, according to market sources.
In other activity, outflows from leveraged loans climbed to $210 million for the week ended May 8 from a $170 million outflow in the previous week, according to a BofA Merrill Lynch report released on Friday.
CSAM prints CLO
Credit Suisse Asset Management priced $801.25 million of notes due April 20, 2031 in the Madison Park Funding XXXV Ltd./Madison Park Funding XXXV LLC transaction, according to a market source.
In the AAA-rated tranches, the CLO sold $480 million of class A-1 floating-rate notes (/AAA/AAA) at Libor plus 133 basis points and $30.5 million of class A-2A floating-rate notes (/non-rated/AAA) at Libor plus 165 bps.
BofA Merrill Lynch was the placement agent.
The notes are collateralized primarily by broadly syndicated senior secured loans.
The CLO manager has priced two new dollar-denominated deals year to date.
Credit Suisse Asset Management is a unit of Credit Suisse Group AG.
Sound Point prices CLO
Sound Point Capital Management sold $608.15 million of notes due April 15, 2032 in the Sound Point CLO XXIII, Ltd. offering, according to a market source.
At the top of the capital stack, the CLO priced $351 million of class A-1 floating-rate notes at Libor plus 140 bps and $33.5 million of class A-2A floating-rate notes at Libor plus 175 bps.
Barclays was the placement agent.
The deal is collateralized mostly by broadly syndicated first-lien senior secured corporate loans.
Sound Point Capital is an asset management firm based in New York.
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