Ares prices the tightest CLO of Covid-19 era

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By Paola Aurisicchio
23 Nov 2020

A flurry of primary CLO deals in the BSL and middle-market opened up post-election supply in the US last week, with Ares Management achieving the tightest spread on triple-A rated paper since the pandemic and Pimco returning as issuer after a 13 year absence.

Triple-A spreads tightened to 122bp over three month Libor in the $369m deal priced on Friday by Ares Management and arranged by Bank of America. The deal has a three year reinvestment period, the norm since the March sell-off, as investors have grown more comfortable with shorter deals. ...

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