New issue slow to build, but managers price burst of CLO refis and resets
A wave of CLO refinancings and resets rolled in this week, fueled by tightening spreads on triple-A paper, with sources expecting the trend to continue alongside a slowly building new issue pipeline.
The broadly syndicated CLO market reopened on Thursday with the pricing of Trestles CLO III, a $405.7m deal managed by California-based Pacific Asset Management and arranged by Credit Suisse.The CLO includes $247 million of senior class ‘A-1’ notes rated triple-A by S&P Global Ratings and Fitch Ratings. The ...
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