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Five Arrows prices $304.15 million CLO; primary AAAs tighten; secondary spreads flat
By Cristal Cody
Tupelo, Miss., Aug. 24 – In new CLO issuance, Five Arrows Managers North America LLC sold $304.15 million of notes in the manager’s second deal of the year.
In other activity, CIFC Asset Management LLC closed Monday on its previously reported $443.8 million CIFC Funding 2020-II, Ltd./CIFC Funding 2020-II, LLC deal. The CLO priced the $262 million of class A-1 floating-rate notes at Libor plus 165 basis points.
More than $45 billion of new CLOs have priced year to date, according to market sources.
Another $26 billion of vintage CLOs have been refinanced so far this year.
New issue AAAs are printing an average 10 bps tighter over the past week, compared to one week earlier, according to a BofA Securities, Inc. research note released on Monday.
Primary BBB tranches firmed 25 bps on average to the Libor plus 400 bps area over the week.
Meanwhile, in the secondary market, BWIC volume remained “elevated” over the past week with $1.34 billion of supply, while CLO spreads were “unchanged across the board for the week,” BofA analysts said in the research note.
Short 2.0 CLO AAA bonds were at the Libor plus 135 bps area, while longer-dated AAA spreads were unchanged at around Libor plus 150 bps.
“Portfolio quality remains pronounced with clean A-BBBs trading around 200-300 bps and top tier BBs trading at 700-800 bps,” the analysts said.
Five Arrows brings CLO
Five Arrows Managers North America sold $304.15 million of notes due Oct. 15, 2029 in the Ocean Trails CLO IX/Ocean Trails CLO IX LLC transaction, according to market sources.
The CLO priced $180 million of class A-1 floating-rate notes at Libor plus 187 bps at the top of the capital stack.
Barclays arranged the transaction.
Five Arrows Managers is a Los Angeles-based investment manager and subsidiary of Rothschild North America Holdings, Inc.
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