Onex prices €437.2 million CLO; OFS, American Money refinance; spreads forecast to firm

By Cristal Cody

Tupelo, Miss., Nov. 6 – European CLO pricing action is picking up in November.

Onex Credit Partners, LLC sold €437.2 million of notes in the firm’s second euro-denominated CLO offering of the year.

In the refinancing space, details emerged on two transactions.

OFS Capital Management LLC priced $414.6 million of notes in a refinancing of a 2014 CLO.

American Money Management Corp. reset $384 million of notes from a 2013 CLO.

Repriced and secondary spreads have tightened and are expected to continue firming, according to a BofA Merrill Lynch analysts report released on Monday.

The analysts said that “spread tightening in the secondary market has already led to recently reset deals trading at levels inside of what we are seeing in the primary market. We expect CLO spreads to follow loans to new post-crisis tights of sub-110 [basis points] at the AAA level.”

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