East West sells $356.93 million debut CLO: Europe sees record number of managers in 2019

By Cristal Cody

Tupelo, Miss., Dec. 24 – East West Investment Management LLC joined the list of debut managers in the CLO primary market in 2019 with an inaugural $356.93 million offering set to close at the end of the month.

The CLO placed the AAA-rated tranche at Libor plus 100 basis points.

More than $114 billion of new issue CLOs have priced and another $43 billion of vintage CLOs have been refinanced year to date, according to a BofA Global Research note released Monday.

The European primary market has seen about €30 billion of gross supply as of Friday, according to a Wells Fargo Securities LLC research report.

Year to date, 50 European CLO managers issued a new CLO in 2019, according to the note.

“Already, 2019 has seen the most CLO managers issue a deal in the post-crisis era; we expect more managers to enter the European CLO market in 2020,” Wells Fargo analysts said.

East West Investment Management priced $356.93 million of notes due Jan. 20, 2033 in the East West Investment Management CLO 2019-1 Ltd./East West Investment Management CLO 2019-1 LLC transaction, according to market sources.

The CLO sold $225 million of the class A floating-rate notes at Libor plus 100 bps.

Jefferies LLC was the placement agent.

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