Eaton Vance prices $451.93 million CLO; Signal Peak prints; leveraged loans see inflows

By Cristal Cody

Tupelo, Miss., Aug. 7 – Eaton Vance Management priced $451.93 million of notes in its first broadly syndicated CLO deal of the year.

Meanwhile, ORIX Advisors LLC leveraged credit affiliate Signal Peak Capital Management LLC priced a $396 million static broadly syndicated CLO.

CLO managers have sold about $44 billion of new dollar-denominated CLOs year to date, according to market sources.

Looking at the secondary market, high-grade CBO/CDO/CLO paper softened to an average of 97.7 on Thursday from 98.1 in the prior session as trading volume rose to $396.56 million from $231.39 million on Wednesday, according to Trace data.

Non-high-grade CBO/CDO/CLO notes improved to an average of 81.9 over Thursday’s session from 77.5 on Wednesday.

Secondary market volume in lower-rated tranches was stronger at $154.11 million, compared to $85.39 million of volume on Wednesday.

Earlier in the week, $681.02 million of investment-grade issues and $184 million of non-high-grade paper were traded on Tuesday with the high-grade issues averaging 95.8 and the lower-rated securities at an 80 average.

On Monday, $104.84 million of investment-grade CBO/CDO/CLO paper traded at an average of 98.1 and $28.6 million of non-high-grade issues were traded at an 84.6 average.

In other activity, leveraged loans funds had $70 million of inflows for the past week ended Wednesday after seven consecutive weeks of outflows, according to Fitch Ratings on Friday. Last week, outflows totaled $211 million.

Year to date, leveraged loan outflows total $18.25 billion.

Eaton Vance 2020-1 prices

Eaton Vance Management priced $451.93 million of notes due Oct. 15, 2030 in a broadly syndicated CLO offering, according to market sources.

Eaton Vance CLO 2020-1 Ltd./Eaton Vance CLO 2020-1, LLC sold $281.25 million of class A floating-rate notes at Libor plus 165 basis points at the top of the capital structure.

Wells Fargo Securities, LLC was the placement agent.

The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.

Boston-based Eaton Vance Management is a subsidiary of Eaton Vance Corp.

Signal Peak prices static CLO

Signal Peak Capital Management priced a $396 million static broadly syndicated CLO transaction, according to a market source.

SP-Static CLO 1 Ltd./SP-Static CLO 1 LLC sold $252 million of class A floating-rate notes at Libor plus 140 bps in the senior tranche.

J.P. Morgan Securities LLC was the placement agent.

The notes are due July 22, 2028.

The CLO is collateralized by broadly syndicated senior secured term loans.

Signal Peak Capital Management, formerly known as Mariner Leveraged Credit Team, is based in Dallas.

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