Euro market brings Invesco Euro CLO III and Alhambra; refinancings for BNPP, Carlyle

Chicago, Oct. 31 – The collateralized loan obligation market was quiet in the United States on the last day of October, but the Euro market brought two new CLOs and two redemptions via refinancing.

The larger deal came from Invesco Euro CLO III DAC with Invesco European RR LP listed as issuer of €409.1 million of new notes in seven classes plus an additional subordinated class.

The less typical issue was from Be-Spoke Capital (London) Ltd. with Alhambra SME Funding 2019-1 DAC as issuer with a €280.5 million CLO portfolio collateralized by middle-market alternative funding loans.

The refinancings came from BNPP and Carlyle.

BNP Paribas Asset Management finished its €215.25 million refinancing of its class A notes, downsized from an expected larger reprint.

And, Carlyle also altered course and only refinanced one class of A-1-R notes for €236 million where it had been moving in the direction of refinancing additional classes of notes.

In its deal, Invesco is in presale mode with a new portfolio of six classes of floating-rate notes, one class of fixed-rate notes and a subordinated note class.

The weighted average life of the portfolio is 8.5 years, according to Fitch Ratings.

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