The CLO new issue pipeline is finally slowing down from its breakneck pace of recent months. Moody’s Investors Service assigned provisional or definitive ratings to seven deals totaling $3.4 billion in the week ended Aug. 15.
These CLOs were backed mainly by broadly syndicated, first-lien senior secured loans. Of the seven, one, the $450 million CIFC Funding 2012-1, is refinanced notes in an existing CLO. The others, the $400 million Black Diamond CLO 2014-1, the $350 million Monroe Capital CLO 2014-1, the $535 million Adams Mills CLO, the $450 million JFIN Revolver CO 2014, the $750 million Octagon Investment Partners XX and the $500 million TICP CLO II, are new deals.