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Invesco prices €411.5 million CLO; Carlyle refinances $463.05 million; secondary active
By Cristal Cody
Tupelo, Miss., May 29 – Invesco European RR LP tapped the European primary market with a €411.5 million new broadly syndicated CLO offering in its second securitized transaction of the year.
CLO managers have priced about €10 billion of new euro-denominated CLOs year to date, according to market sources.
In other activity, Carlyle CLO Management LLC priced $463.05 million of notes in a reset of a 2015 dollar-denominated CLO transaction. The deal is the manager’s third CLO refinancing in 2019.
Elsewhere, in the secondary market, $259.8 million of high-grade CBO/CDO/CLO issues and $135.2 million of lower-rated securities traded on Tuesday, according to Trace data.
The high-grade securities had an average trading price of 99, while non-high-grade CBO/CDO/CLO issues traded with a 90 average price.
In the same period a week ago, $281.95 million of investment-grade issues traded with an average price of 99.30 and $238.21 million of non-high-grade CBO/CDO/CLO securities were traded with an average 81 trading price, data shows.
In its deal, Invesco European RR priced €411.5 million of notes due July 15, 2032 in the CLO transaction on Tuesday, according to market sources.
Invesco Euro CLO II DAC priced €248 million of the class A floating-rate notes at Euribor plus 114 basis points.
Citigroup Global Markets Ltd. was the placement agent.
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