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Trinitas prices $406.65 million CLO; AAAs stable; A, AA spreads tighten in secondary
By Cristal Cody
Eureka Springs, Ark., May 9 – Trinitas Capital Management LLC priced a $406.65 million CLO in the firm’s first deal of the year, according to a market source on Monday.
“So far this year, 38 separate CLO managers have priced U.S. CLOs, which compares to 86 in the full year of 2015 and 104 in 2014,” J.P. Morgan Securities LLC analysts said in a note. “CLO spreads reached their 2016 tights in mid-April, but have since mimicked broader market sentiment and now sit slightly wide of those tights.”
AAA-rated CLO spreads were steady in the secondary market at Libor plus 155 basis points on the week, according to BofA Merrill Lynch.
BWIC volumes hit about $620 million over the past week, the analysts said in a note.
“Secondary 2.0/3.0 levels remained mostly flat with the exception of double-A and single-A, which pushed in modestly by 10 [bps] to 225 [bps] and 325 [bps],” the analysts said.
Trinitas taps market
Triumph Capital Advisors, LLC affiliate Trinitas Capital Management priced $406.65 million of notes due April 18, 2028 in the transaction, according to a market source.
Trinitas CLO IV Ltd./Trinitas CLO IV LLC sold $258 million of class A floating-rate notes (Aaa/AAA) at Libor plus 175 bps in the senior tranche.
Wells Fargo Securities, LLC was the placement agent.
Trinitas Capital Management will manage the CLO. Triumph Capital will provide initial staff and services.
The deal is backed primarily by broadly syndicated senior secured loans.
Triumph Capital was last in the primary market in 2015 with one new CLO transaction and one refinanced CLO deal.
The investment management firm is a subsidiary of Dallas-based Triumph Bancorp, Inc.
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