CBAM sells $498.9 million CLO; DFG refinances $288 million notes; secondary pace strong

By Cristal Cody

Tupelo, Miss., Nov. 20 – CBAM Partners LLC closed Wednesday on a new $498.9 million broadly syndicated CLO offering.

The deal is the CLO manager’s third CLO transaction priced year to date.

In other pricing action, DFG Investment Partners, Inc. sold $288 million of AAA-rated notes in a refinancing of one tranche of a vintage 2016 CLO.

Year to date, more than $100 billion of new broadly syndicated CLOs have priced, according to market sources. About $40 billion of vintage CLOs have been refinanced so far this year.

Looking at the securitized secondary market, trading volume was strong across the capital stack on Tuesday, according to Trace data.

The session saw $592.74 million of investment-grade CBO/CDO/CLO issues trade flat at an average 98.80 price. In addition, $502.31 million of non-high-grade paper was traded at an average 78.10 price, up from 73.30 in the previous session.

On Monday, secondary volume included $328.4 million of high-grade CBO/CDO/CLO issues and $201.15 million of lower-rated CBO/CDO/CLO securities.

CBAM prints 2019-11 CLO

CBAM Partners sold $498.9 million of notes due Oct. 20, 2032 in its CLO offering, according to a market source.

CBAM 2019-11, Ltd./CBAM 2019-11 LLC priced $305 million of class A-1 floating-rate notes at Libor plus 136 basis points and $15 million of 2.829% class A-2 fixed-rate notes in the AAA-rated tranches.

Citigroup Global Markets Inc. was the placement agent.

The CLO is secured by broadly syndicated senior secured corporate loans.

The portfolio company is based in New York.

DFG sells class A-R notes

DFG Investment Partners sold $288 million of class A-R floating-rate notes due Jan. 20, 2029 (Aaa//AAA) at Libor plus 125 bps, according to a notice of executed supplemental indenture on Wednesday.

The notes (Aaa//AAA) were refinanced from the Vibrant CLO V Ltd./Vibrant CLO V LLC deal, which was first issued Dec. 22, 2016.

In that offering, $288 million of class A notes priced at Libor plus 155 bps.

BNP Paribas Securities Corp. was the refinancing placement agent.

The CLO is backed primarily by broadly syndicated first-lien senior secured corporate loans.

DFG Investment Advisors is an asset management firm based in New York.

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