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Resets for 2021 and 2024 deals are less attractive to managers due to wider liability pricing
Spreads for the triple-A rated notes were similar to the manager's previous deal
State of New Hampshire's innovative bond gets Ba2 rating
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GSO Capital Partners priced its Dunedin Park CLO at the tightest spread levels of the year on Tuesday, selling the senior notes at 107bp over three month Euribor. -
US CLO managers priced three new deals totalling $1.21bn last Friday, bringing to a climax a week in which a total of $4.6bn in new paper hit the market.
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Ares European CLO XII was priced on Wednesday via Bank of America, with senior notes coming in at 108bp over one month Euribor, tighter than the senior debt from other CLO managers in recent months.
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The co-head of HSBC’s global capital markets business is moving to New York as the bank looks to win more market share in US leveraged finance.
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CLO equity investment specialist Eagle Point Credit Management priced an initial public offering of its CLO debt investment vehicle on Tuesday.
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The European CLO market is keeping up the pace, with alternative investor Tikehau pricing an €451.2m deal via Natixis at the end of last week, that was increased from €410.2. The ABS market, meanwhile, is slowing down ahead of August.
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GSO Capital, a Blackstone-owned entity, is marketing Dunedin Park, a €409.8m CLO arranged by Deutsche Bank, and the fourth brought by the issuer this year.
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Goldman Sachs has released initial price thoughts on a new €407.2m CLO for Barings.
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Norinchukin Bank has re-entered the US CLO market after pulling back in April, though is still holding out on European CLOs, and there may now be less incentive for it to take up its previously outsized role.
