GSO/Blackstone sell static CLO; secondary supply strong; CLO AAA, A paper tightens

By Cristal Cody

Tupelo, Miss., April 6 – The CLO primary market saw its first new deal price since mid-March, according to market sources.

GSO/Blackstone Debt Funds Management LLC priced the Stratus 2020-1 static CLO offering via Citigroup Global Markets Inc. in the only offering seen so far in April. Additional pricing details were not immediately available.

The secondary market has been busier in the coronavirus market volatility, and BWIC volume totaled $1.43 billion last week – the fifth consecutive week where weekly auction volume has tapped $1.4 billion, the report said.

“We continue to see healthy demand for top-tier, lower dollar-priced IG rated bonds from both real and fast money accounts,” the BofA analysts said. “However, down in credit, levels remain unchanged from last week's levels on slim bid depth and little transparency.”

CLO AAA-BBB paper tightened an average 25 basis points to 150 bps week over week, according to the note.

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