LCM Asset Management, Mountain View CLOs price; two new offerings emerge; trading quiet

By Rebecca Melvin

New York, Aug. 26 – Pricing emerged in two U.S. CLO deals on Tuesday in a market that was otherwise “pretty quiet,” market sources said.

LCM Asset Management LLC sold $410.5 million of notes due 2026 in the LCM XVII LP/LCM XVII LLC CLO transaction that was placed by BofA Merrill Lynch, and BlueMountain Capital Management LLC has sold $518.5 million in the Mountain View CLO 2014-1 Ltd./Mountain View CLO 2014-1 Corp. CLO transaction that was placed by Morgan Stanley & Co. LLC.

In addition, two new offerings materialized for upcoming pricing, including Octagon Credit Investors LLC’s 2026 notes in the Octagon Loan Funding Ltd./LLC CLO and the ECP CLO 2014-6 Ltd./ ECP CLO 2014-6 LLC’s approximately $850 million CLO.

Other deals remain on the horizon, including CLOs from Alcentra Ltd., Black Diamond CLO 2014-1 Ltd., Dryden XXVII Euro CLO 2013 BV, JMP Group Inc., Redan Park Asset Management LLC and Telos CLO.

Back in the secondary market, one source said there were a couple of bid lists in the market on Tuesday, but he wasn’t aware if any of the names traded. “The market has been pretty dead,” he said.

Light market activity precedes the upcoming Labor Day holiday weekend and the unofficial end of summer.

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