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.

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.

In its deal, 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.

Meanwhile, 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.

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