Deerpath, KKR close on new CLOs; secondary market active; CBO/CDO/CLO paper softens

By Cristal Cody

Tupelo, Miss., April 7 – In CLO market activity on Tuesday, issuers closed on new dollar- and euro-denominated deals, according to market sources.

Deerpath Capital Management, LP priced an upsized $330 million of notes in the Deerpath Capital CLO 2020-1, Ltd./Deerpath Capital CLO 2020-1, LLC middle-market CLO offering.

Also, KKR Credit Advisors (Ireland) Unlimited Co. closed on its €458.35 million Avoca CLO XXI DAC broadly syndicated deal that priced in February.

In other activity, securitized trading volume remains strong in April amid the coronavirus-related market volatility.

Secondary market volume started the week off with $666.03 million of investment-grade CBO/CDO/CLO securities and $127.1 million of non-high-grade CBO/CDO/CLO issues traded on Monday, according to Trace data.

Prices have softened over the capital structure from where securities traded last week.

On Monday, high-grade CBO/CDO/CLO paper traded at an average price of 86.90, down from the 87 to 91.10 average area seen last week.

Average prices on non-high-grade CBO/CDO/CLO securities softened to 59.10 on Monday from the 60.20 to 67.40 range reported last week.

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