Onex Credit prices $395.5 million CLO; inflows resume; high-grade secondary active

By Cristal Cody

Tupelo, Miss., June 12 – Onex Credit Partners, LLC priced $395.5 million of notes in the manager’s second CLO offering of the year.

More than $27 billion of dollar-denominated CLOs and over €7 billion of European CLOs have priced year to date, according to market sources.

Meanwhile, leveraged loan funds saw $39 billion of inflows for the past week ended Wednesday, reversing the $42.2 million of outflows seen in the prior week following $25.4 billion of inflows for the week ended May 24, according to a Fitch Ratings report on Friday.

High-grade CBO/CDO/CLO paper improved to 96.80 on Thursday from 96.70 on Wednesday and 96.30 on Tuesday and was flat from Monday’s average of 96.80, according to Trace data.

Secondary market volume climbed to $827.72 million in high-grade CBO/CDO/CLO securities on Thursday.

Volume was the highest seen over the week, compared to $416.62 million on Wednesday, $441.24 million on Tuesday and $471.57 million on Monday, Trace data shows.

In its deal, Onex priced $395.5 million of notes due July 20, 2031 in the OCP CLO 2020-19 Ltd./OCP CLO 2020-19 LLC transaction, according to market sources.

The CLO sold $222 million of class A-1 floating-rate notes at Libor plus 175 basis points at the top of the capital stack.

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