CIFC prices; CSAM, ArrowMark Colorado refinance vintage CLOs; secondary spreads unmoved

By Cristal Cody

Tupelo, Miss., Aug. 12 – New issue and refinancing activity remains steady in the dollar-denominated CLO market so far in August.

CIFC Asset Management LLC priced $507 million of notes in the CIFC Funding 2019-V, Ltd. broadly syndicated CLO offering via BofA Securities Inc., according to a market source.

Final pricing details were not immediately available.

In the refinancing market, Credit Suisse Asset Management, LLC priced a $693.1 million reprint of a vintage 2016 CLO deal.

ArrowMark Colorado Holdings LLC sold $136 million of notes in a refinancing of a 2017 CLO deal.

Meanwhile, the U.S. CLO secondary market has been active with just under $520 million of BWIC volume last week, according to a BofA Merrill Lynch research note released on Monday.

“Consistent with what we have seen over the past few weeks, senior bonds generally remained well supported by decent bids,” the report said. “Towards the bottom of the stack, bid levels followed broad market sentiments but saw somewhat weak levels for paper coming from lower-tiered managers. Most of the equity items on bid lists did not end up trading.”

Spreads were flat on the week with AAAs going out Friday unchanged in general at the Libor plus 115 basis points area.

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