CLO primary action picks up for spring calendar; CLO deals in pipeline top $17 billion

By Cristal Cody

Tupelo, Miss., March 5 - After a slow start to the year, CLO primary activity is poised to pick up for March and April, according to informed sources on Wednesday.

Western Asset Management Co. came by with its Mountain Hawk III CLO, Ltd./Mountain Hawk III CLO LLC offering, a market source said.

Deutsche Bank Securities Inc. arranged the deal.

Final pricing details were not available by press time.

More than $17 billion of CLO transactions are in the pipeline, according to market sources.

CLO managers including Telos Asset Management LLC, Steele Creek Investment Management LLC and JMP Group Inc. are expected to be in the U.S. primary market with deals between now and April, according to informed sources.

In the European primary market, Intermediate Capital Group plc plans to bring the €360 million St. Paul's CLO IV Ltd. deal via Deutsche Bank AG, while Babson Capital Europe Ltd. intends to offer a €414 million CLO arranged by BofA Merrill Lynch, market sources said.

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