Credit Suisse prices $816 million CLO; high-grade issues average 99.40 in secondary

By Cristal Cody

Tupelo, Miss., Oct. 2 – Credit Suisse Asset Management, LLC tapped the CLO primary market on Friday with a new $816 million deal.

New issue CLO volume year to date totals about $94 billion, according to a BofA Merrill Lynch report.

Elsewhere in the securitized secondary market, $74.13 million of high-grade CBO/CDO/CLO issues and $18.12 million of lower-rated securities traded on Monday, according to Trace structured trading activity data.

The average price was 99.40 in the high-grade space with the average price on the bottom five trades at 97.80.

The number of high-grade trades in the CBO/CDO/CLO secondary market was 25 on Monday, according to the data.

In the non-investment-grade secondary market, the average price for CBO/CDO/CLO issues on Monday was 92.20. The number of trades in the lower-rated space was not released.

In its deal, Credit Suisse Asset Management priced $816 million of notes due Oct. 18, 2030 in the Madison Park Funding XXIX Ltd./Madison Park Funding XXIX LLC offering, according to a market source.

Morgan Stanley & Co. LLC was the placement agent.

The notes are collateralized primarily by broadly syndicated senior secured loans.

Credit Suisse Asset Management is a unit of Credit Suisse Group AG.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.