CELF brings €405.2 million CLO; Chenavari prints €328.7 million; CVC prices notes

By Cristal Cody

Tupelo, Miss., Nov. 30 – Euro-denominated supply heated up over the U.S. Thanksgiving Day holiday week with three new deals.

CELF Advisors LLP sold €405.2 million of notes in the manager’s second new euro-denominated CLO offering of the year.

Chenavari Credit Partners LLP was in the primary market with its first new deal of the year. The manager sold €328.7 million of notes.

Also, CVC Credit Partners Group Ltd. priced €378.7 million of notes in the CVC Cordatus Loan Fund XIX DAC transaction, the manager’s third broadly syndicated CLO deal of 2020, a market source said.

More than $70 billion of dollar-denominated broadly syndicated CLOs and over €20 billion of European broadly syndicated CLOs have priced year to date, sources report.

In the European secondary market, CLO spreads were flat across the capital structure over the past week ended Friday, according to a BofA Securities, Inc. research note on Monday.

Euro-denominated AAA tranches were steady at an average Euribor plus 190 basis points.

BWIC volume totaled about €350 million for the week, the BofA Securities analysts said.

CELF taps primary

CELF Advisors sold €405.2 million of notes due in January 2034 in the CLO offering, according to market sources.

Carlyle Euro CLO 2020-2 DAC priced the €244 million tranche of class A-1 senior secured floating-rate notes at Euribor plus 105 bps.

Morgan Stanley & Co. International plc was the placement agent.

The notes are collateralized primarily by senior secured loans and senior secured bonds.

London-based CELF is part of the Washington, D.C.-based Carlyle Group LP.

Toro European CLO prints

Chenavari Credit Partners sold €328.7 million of notes due Feb. 15, 2034 in the Toro European CLO 7 DAC transaction, according to market sources.

The CLO sold €192 million of the class A secured floating-rate notes at Euribor plus 115 bps.

BNP Paribas Securities Corp. was the placement agent.

The notes are backed primarily by euro-denominated senior secured loans and senior secured bonds.

Chenavari Credit Partners is part of London-based Chenavari Financial Group Ltd.

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