Northwoods prices €204.7 million; CLOs, securitized products see positive June returns

By Cristal Cody

Tupelo, Miss., July 6 – Northwoods European CLO Management, LLC priced a €204.7 million CLO in the firm’s first euro-denominated deal since September 2019.

More than €10 billion of euro-denominated CLOs have priced year to date, with the market projected to post about €15 billion of volume in 2020.

Meanwhile, CLOs saw positive returns in June, according to a BofA Securities, Inc. research note released on Monday.

“All securitized credit sectors we track delivered positive total and excess returns in June as the U.S. economy continues to reopen,” BofA analysts said. “AAA securitized products underperformed corporates in June on both a total and excess return basis.”

In its deal, Northwoods European CLO Management priced €204.7 million of notes due June 16, 2033 in the CLO offering, according to market sources.

Northwoods Capital 21 Euro DAC sold €106 million of class A senior secured floating-rate notes at Euribor plus 150 basis points in the AAA-rated tranche.

BofA Securities Europe SA arranged the transaction.

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

Northwoods European CLO Management is a subsidiary of New York-based alternative investment manager Angelo, Gordon & Co., LP.

© 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.