Oaktree Capital prices $386.4 million CLO; secondary prices steady

By Cristal Cody

Tupelo, Miss., May 27 – Oaktree Capital Management LP sold $386.4 million of notes in the manager’s first CLO offering of 2020.

Oaktree was in the primary market in 2019 with three new CLOs and one refinancing deal.

New issue volume totals more than $24 billion year to date, market sources note.

Elsewhere, secondary market volume was moderate to start the week on Tuesday following the Memorial Day holiday, Trace data shows.

Trading volume included $318.28 million of investment-grade CBO/CDO/CLO paper and $92.55 million of lower-rated issues.

Prices held steady with high-grade paper averaging 94.30 on Tuesday, compared to the 94-95.50 area last week, according to Trace data.

Average prices for lower-rated paper were 69.30 on Tuesday, also holding in the range seen last week in the 67.50 to 70.50 area.

Oaktree Capital Management sold $386.4 million of notes due July 15, 2029 in the CLO offering, according to market sources.

Oaktree CLO 2020-1 Ltd./Oaktree CLO 2020-1 LLC priced $244 million of class A floating-rate notes at Libor plus 200 basis points in the AAA-rated tranche.

Barclays was the placement agent.

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