Octagon prices $610.9 million CLO; Credit Suisse Asset prints new CLO; supply forecast

By Cristal Cody

Tupelo, Miss., June 4 – New CLO issuance includes a $610.9 million deal from Octagon Credit Investors, LLC that priced in the previous week.

In addition, Credit Suisse Asset Management, LLC priced $712.2 million of notes in the Madison Park Funding XXVIII Ltd./Madison Park Funding XXVIII LLC offering on Friday, a source said. Wells Fargo Securities, LLC was the placement agent. Final pricing details were not immediately available.

New CLO deal and refinancing volume is expected to pick up in both the U.S. and European primary markets over the summer, sources report.

BofA Merrill Lynch analysts forecast $120 billion of U.S. volume for the year.

Octagon brings third CLO

Octagon Credit Investors priced $610.9 million of notes due July 25, 2030 in the new Octagon Investment Partners 37, Ltd./Octagon Investment Partners 37, LLC transaction, according to a market source.

The CLO sold $348 million of class A-1a floating-rate notes at Libor plus 102 basis points at the top of the capital structure.

Citigroup Global Markets Inc. arranged the offering.

Octagon Credit Investors has priced three new CLOs year to date.

In 2017, the CLO manager brought four new CLOs to the market.

The New York-based credit investment firm is a subsidiary of Conning & Co.

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