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CLO volume nears $24 billion year to date; MARV Capital to expand secondary market activity
By Cristal Cody
Eureka Springs, Ark., May 25 – Nearly $24 billion of CLOs have priced in the U.S. and European primary markets year to date, with the bulk of issuance brought over March, April and May.
More than $4 billion of dollar-denominated CLOs have priced so far in May, according to Prospect News data.
CLO AAA-rated spreads in the secondary market have been quoted unchanged to modestly better in the Libor plus 155 basis points area at the top of the capital stack, while mezzanine tranches have softened in May.
On Wednesday, 46 CBO/CDO/CLO investment-grade securities totaling $833 million were traded, according to Trace. Fifty non-investment-grade CBO/CDO/CLO securities totaling $238.5 billion also were traded during the session.
In other market activity, New York-based broker dealer MARV Capital, Inc. announced it had appointed Alexey Dronov as managing director and head of structured credit sales and trading to “expand the firm’s initiatives in the structured credit market, especially, the secondary CLO market.”
Dronov previously was a trader and an associate portfolio manager at Highland Capital Management, LP, where he helped manage a portfolio of CLOs and was part of constructing and placing several CLOs priced under the ACIS shelf, which were last brought to market in 2014.
“The volatility that we have seen in the past year has created an interesting CLO trading and investing landscape and is likely to continue for the foreseeable future,” Maneesh Awasthi, a co-founder of MARV, said in a release.
Viru Raparthi, a co-founder of MARV, noted in the release that Dronov is a “seasoned trader within the CLO market. We expect his deep knowledge of the market and the asset class to assist clients in repositioning their portfolios in these uncertain markets, and identifying opportunistic investment themes.”
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