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Prospect News home > News index > List of issuers A > Headlines for Aqueduct European CLO 5-2020 DAC > News item
Published on 9/3/2020 in the Prospect News CLO Daily.

HPS Investment brings €394.11 million CLO; non-high-grade CBO/CDO/CLO paper improves

By Cristal Cody

Tupelo, Miss., Sept. 3 – HPS Investment Partners CLO (UK), LLP issued €394.11 million of notes in the manager’s first CLO of the year.

More than €13 billion of euro-denominated CLOs have priced so far this year with market sources anticipating about €20 billion of volume for the year.

Dollar-denominated new issue supply totals about $48 billion year to date.

In secondary trading this week, steady volume was seen with $285.1 million of high-grade CBO/CDO/CLO paper traded on Wednesday, up from $262.52 million on Tuesday and $156.35 million on Monday.

Further down the capital stack, $243.6 million of lower-rated issues were traded on Wednesday, compared to $139.16 million on Tuesday and $53.81 million at the start of the week.

High-grade paper softened to an average 97.80 from 99.10 on Tuesday and 98.30 on Monday.

Non-investment-grade CBO/CDO/CLO notes averaged higher on Wednesday at 82.80 from 81.70 on Tuesday and a 76.70 average on Monday.

HPS issues Aqueduct CLO 5

HPS Investment Partners CLO (UK) issued €394.11 million of notes due April 20, 2032 in the Aqueduct European CLO 5-2020 DAC deal, according to market sources.

Aqueduct European CLO 5-2020 sold €234 million of class A floating-rate notes at Euribor plus 145 basis points at the top of the capital stack.

BNP Paribas Securities Corp. was the placement agent.

The deal is backed primarily by euro-denominated broadly syndicated senior secured loans and bonds.

HPS Investment Partners was last in the primary market in 2019 with two new CLOs.

The firm is a subsidiary of New York–based investment firm HPS Investment Partners LLC.


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