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AXA closes second Euro CLO of 2017 with €350M Adagio VI

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AXA Investment Partners closed out 2017 with its second new-issue European CLO in the last month.

According to reports from Moody’s Investors Service and S&P Global Ratings, Adagio VI is a €350 million collateralized loan transaction with a €205 million triple-A class series. The deal will also include €37 million in subordinate notes for equity risk retention.

The deal was priced at 78 basis points over the Euribor benchmark, according to S&P.

The portfolio will carry a weighted average spread of 3.55% and a weighted average life of 8.5 years.

AXA issued the Adagio CLO 2017-4 deal in November sized at €360.8 million, also with a triple-A discount margin of 78 basis points over Euribor, according to Thomson Reuters LPC.

The manager also priced a refinancing of its €313.5 million 2015-vintage Adagio IV deal in September.

Through November, more than €18.4 billion in new-issue CLOs had been issued in Europe, according to Thomson Reuters LPC. (JPMorgan reports that €1.1 billion have been issue month-to-date in December.)

In another CLO deal being pushed out before the new year, MP CLO Management LLC on Thursday completed a refinancing of its 2015-vintage MP CLO VII portfolio, with a balance of $537.7 million. Moody’s assigned ratings to four classes of replacement notes, including the $346.9 million triple-A tranche.

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CLOs CDOs Moody's S&P AXA Europe