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Cairn brings euro CLO; Europe market active; NYL Investors prices $407.2 million CLO
By Cristal Cody
Tupelo, Miss., Nov. 5 – Cairn Loan Investments LLP priced a new euro-denominated CLO offering on Tuesday.
Citigroup Global Markets Ltd. was the placement agent, a source said.
Final pricing details were not immediately available.
The euro-denominated CLO market is heating up with a number of new issue and refinancings in the works, including from Bain Capital Credit, Ltd. and CVC Credit Partners Group Ltd., according to market sources.
Year-to-date issuance of €26 billion is €3 billion ahead of 2018 volume, according to a Wells Fargo Securities LLC research note on Monday.
“We expect €30 billion in new issuance throughout 2019,” the Wells Fargo note said.
Meanwhile, details emerged on NYL Investors LLC’s new $407.2 million CLO deal.
The U.S. primary market is expected to see “moderate supply” through the remainder of the year, according to the Wells Fargo note.
Year to date, dollar-denominated volume of $99 billion is behind 2018 issuance of $110 billion but is expected to match that total by year-end, the report said.
Meanwhile, the number of CLOs being refinanced has slowed to about $44 billion so far this year from $141.9 billion of volume in the same period in 2018, the Wells Fargo note said.
“The pace of refis/resets/reissues has slowed since December 2018 given wider spreads,” according to the note.
NYL Investors prints CLO
NYL Investors sold $407.2 million of notes due Nov. 16, 2032 in the new CLO via MUFG, according to market sources.
Flatiron CLO 19 Ltd./Flatiron CLO 19 LLC priced $252 million of the class A floating-rate notes at Libor plus 132 basis points.
The CLO is backed primarily by broadly syndicated first-lien senior secured corporate loans.
NYL Investors is a New York-based subsidiary of mutual life insurance company New York Life Insurance Co.
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