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Euro primary picks up; Hayfin prices €345.6 million CLO; Partners sells €350.95 million
By Cristal Cody
Tupelo, Miss., Oct. 28 – European supply is picking up in October in the CLO market with two managers bringing their second deals of the year.
Hayfin Emerald Management LLP priced a €345.6 million broadly syndicated CLO.
Also, Partners Group (UK) Management Ltd. sold €350.95 million of notes in a new transaction.
More than €14 billion of euro-denominated CLOs have priced year to date, along with nearly $70 billion of dollar-denominated broadly syndicated CLOs, according to market sources.
Primary euro-denominated AAAs have averaged Euribor plus 112 basis points in October, while trading at an average Euribor plus 145 bps in the secondary market, according to Wells Fargo Securities, LLC.
Hayfin brings CLO
Hayfin Emerald Management sold €345.6 million of notes due Nov. 17, 2032 in a new European broadly syndicated CLO offering, according to market sources.
Hayfin Emerald CLO V DAC priced €208.3 million of class A senior secured floating-rate notes at Euribor plus 115 bps in the AAA-rated tranche.
Goldman Sachs International was the placement agent.
The CLO is backed primarily by senior secured obligations.
Hayfin has priced two new euro-denominated CLOs year to date.
The asset manager is part of London-based alternative asset management firm Hayfin Capital Management LLP.
Penta CLO prints
Partners Group (UK) Management priced €350.95 million of notes due Jan. 16, 2034 in its new issue, according to market sources.
Penta CLO 8 DAC sold €210 million of class A senior secured floating-rate notes at Euribor plus 115 bps at the top of the capital stack.
Credit Suisse Securities (Europe) Ltd. was the placement agent.
The CLO is backed primarily by euro-denominated senior secured obligations.
Partners Group has priced two new euro broadly syndicated CLOs in 2020.
The private markets investment manager is based in London.
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