Europe CLO primary forecast for deal action over month; U.S. deal pipeline to grow in fall

By Cristal Cody

Tupelo, Miss., Sept. 10 – After skipping August, the European CLO primary market is expected to heat up over the next few weeks, according to sources on Thursday.

More than €9 billion of major broadly syndicated CLOs have priced year to date, while about €19 billion of euro-denominated CLOs from across Europe, including Italy and Portugal, have been brought to market in 2015, according to sources and Prospect News data.

BofA Merrill Lynch forecasts €18 billion of euro-denominated broadly syndicated CLO volume for the year.

The U.S. deal pipeline also is expected to be active, though more so later in the fall, sources report.

Two middle-market CLO issuers, NewStar Financial, Inc. and Fifth Street CLO Management LLC, have tapped the primary market so far in September.

CLO managers have priced more than $83 billion of broadly syndicated and middle-market CLOs in the U.S. market year to date, according to Prospect News data.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.