The US CLO Deal of the Year Award will be presented at IMN's CLO Conference in New York on April 22. Click hereto cast your vote.
The following deals are in the shortlist for the US CLO Deal of the Year Award. The shortlist was formulated by taking submissions from the top CLO arrangers by volume in 2013, according to GlobalCapital data. For more information on the methodology, click here.
GlobalCapital (now incorporating Securitization Intelligence) will also be holding its first Securitization Awards Dinner since the crisis, on May 28 in New York. Voting for those awards will be opened next week, and a list of firms shortlisted for each award will be published at www.globalcapital.com/securitization.
Deals nominated for US CLO Deal of the Year:
Carlyle Global Market Strategies CLO 2013-3
Arranger: Citi
This was Carlyle’s 22nd active cash flow CLO and the third of its 2013 CLOs. It was the first deal to use a AAA step-up coupon. The deal was $516.9m in size and was distributed to 23 unique investors. Equity holders received 17.26% in the deal’s first distribution in January 2014.
Sheridan Square CLO
Arranger: Wells Fargo
This $700m deal was upsized from $500m, and featured A-1 and A-2 tranches which divided the AAA notes. The A-1 tranche included lower pricing in exchange for an additional year of call protection. The deal was distributed to 18 debt investors and 9 equity investors.
Atrium IX CLO
Arranger: Credit Suisse
At the time, this $832m trade was the largest CLO of the year, and one of the first of the jumbo-sized CLOs from large, established managers that hit the market in 2013. The collateral was built from scratch, without any ready portfolio from which the assets were sourced. It also included two classes of combination notes.
NewMark Capital Funding 2013-1 CLO
Arranger: Jefferies
This deal was priced in May, after the FDIC changed the premium it charges banks on their CLO holdings. The transaction included four different AAA tranches to accommodate a widening in the AAA investor base. It was also the first deal to use a hard back-up manager (Aegon USA) which was not Prudential and was not earning a fee stream.
Dryden XXVI CLO
Arranger: Morgan Stanley
This $420m deal had the tightest-pricing AAA and BB tranches of any CLO 2.0 at the time. It was broadly syndicated to nine different AAA investors, while the majority of the equity was sold to a first time buyer.
Click here to access the poll and cast your vote. Voting will close on Friday April 11.