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CLO calendar grows; Hayfin Emerald prices €350 million euro-denominated deal
Chicago, July 21 – Two euro-denominated deals have joined the collateralized-loan obligation calendar this week, including a deal that was added on Monday from Montmartre Euro CLO 2020-2, and then on Tuesday Cairn CLO XII DAC joined the list.
A third euro-denominated deal priced out of London. Hayfin Emerald CLO IV DAC sold €350 million in a transaction that had four series of notes at the top of the stack, a mix of floating-rate notes and a fixed-rate B-2 class.
The secondary market for CBO/CDO/CLO paper was still active on Monday.
There were 80 trades made in the investment-grade sector on $480.93 million of notes.
Non-investment paper was less active with $205.79 million trading hands in 57 transactions.
Cairn gets ready
Cairn joined the calendar on Tuesday with a deal slated to close at the end of August.
The transaction, with a three-year reinvestment period, will expire in October 2023.
The obligations behind the deal are mainly senior secured, a minimum of 90%, with some unsecured, mezzanine and second-lien loans.
The maximum percentage of assets that can be rated CCC or lower is set at 7.5%.
The average credit quality of the portfolio is B/B-, according to Fitch Ratings.
The floating-rate notes are tied to Euribor.
The transaction is expected to come with six classes of notes and two subordinated classes.
Hayfin brings €350 million
In a deal that is expected to be 80% ramped at closing, Hayfin Emerald sold €350 million in a deal that was weighted heavily in the top asset class, a €199.5 million class A tranche of senior secured floating-rate notes.
The deal, which matures in 2033, has a one-year reinvestment period.
The CLO comes with a weighted average spread of 3.87% and a weighted average coupon of 4%.
The weighted average life of the collateral debt is 6.5 years, according to Moody’s Investors Service.
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