Marble Point CLO Management prices $508.5 million CLO notes; secondary trading slows

By Cristal Cody

Tupelo, Miss., Nov. 22 – In new CLO pricing action, Marble Point CLO Management LLC brought $508.5 million of notes to the primary market.

New CLO issuance is expected to exceed $100 billion for the year, according to informed sources.

Refinancing volume has dominated supply over the year with more than $145 billion of vintage CLOs refinanced and/or reset year to date.

In the securitized secondary market, little activity was seen on Wednesday, according to market sources.

On Tuesday, $97.66 million of high-grade issues and $105.81 million of non-investment-grade CBO/CDO/CLO securities were traded, according to Trace.

On Monday, trading volume included $108.17 million of high-grade CBO/CDO/CLO securities and $104.64 million of non-investment-grade issues.

Marble Point CLO Management priced $508.5 million of notes due Dec. 18, 2030 in the Marble Point CLO XI, Ltd./Marble Point CLO XI LLC transaction, according to a market source.

At the top of the capital structure, the CLO sold $325 million of class A floating-rate notes at Libor plus 118 basis points.

BofA Merrill Lynch was the placement agent.

The CLO has a two-year non-call period and a five-year reinvestment.

Marble Point CLO Management is part of Greenwich, Conn.-based alternative asset manager Marble Point Credit Management LLC.

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