Guggenheim brings European CLO; CIFC prices; Carlyle offers $509.1 million; AAAs soften

By Cristal Cody

Tupelo, Miss., Nov. 9 – Guggenheim Partners Europe Ltd. raised €406.5 million of notes due Nov. 16, 2028 in the firm’s first euro-denominated CLO via a private placement offering.

The deal brings total new European broadly syndicated CLO issuance to €11.3 billion year to date, according to BofA Merrill Lynch.

“Primary market conditions remain difficult, with spreads wider than they have been for most of the period since the European market restarted in 2013,” BofA Merrill Lynch analysts said in a report. “Although numerous deals are reportedly in the pipeline and we expect to see more deals appear before year-end, without an improvement in pricing, total issuance looks likely to fall short of our €15 [billion] forecast for 2015.”

Details also emerged on Oak Hill Advisors (Europe), LLP’s €415.8 million Oak Hill European Credit Partners IV Designated Activity Co. transaction.

In the U.S. primary market, CIFC Asset Management LLC priced a $510.5 million CLO, its fifth new CLO deal of the year.

Coming up in the pipeline, Carlyle Investment Management LLC plans to price a $509.1 million CLO.

Year to date, about $87 billion of broadly syndicated CLOs have priced, while total supply including refinancings and middle market issuance is about $97.5 billion, according to market sources and Prospect News data.

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