GC Investment sells middle-market CLO; CDO primary market active; CBO/CDO/CLO paper softens

By Cristal Cody

Tupelo, Miss., July 16 – In addition to broadly syndicated CLO issuance, the primary market is seeing other securitized transactions print amid the coronavirus pandemic climate.

GC Investment Management LLC priced a $595.78 million middle-market CLO.

EFJ Capital LLC brought a $273.4 million static CDO to the primary market.

In addition, Hildene Structured Advisors, LLC priced a $175.88 million static CDO.

Middle-market CLO volume totals more than $3 billion year to date, according to market sources.

In other action, CBO/CDO/CLO paper softened across the capital stack in secondary trading.

High-grade CBO/CDO/CLO paper declined to an average of 93.2 on Wednesday from 96.8 on Tuesday and Monday, according to Trace data.

Trading volume included $310.03 million of investment-grade issues, down from $544.34 million on Tuesday and $322.84 million on Monday.

Lower-rated issues softened to 71.3 from an average 80.7 on Tuesday and 73.5 on Monday.

Secondary market volume in non-high-grade securities rose to $229.25 million on Wednesday from $156.1 million on Tuesday and $70.7 million at the start of the week.

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