Camulos Capital closed Camulos Loan Vehicle 1 last Wednesday, kicking off the second quarter with positive news in the way of new issuance. The $731 million cash flow CLO, which is the first CLO for the manager, offered triple-A to double-B paper in five tranches priced at 85, 250, 300, 500 and 800 basis points, according to ASR Scorecards database. Morgan Stanley underwrote the deal, and Citigroup is the trustee.
Though issuance was still meager, the CLO market did take baby steps in the first quarter. U.S. CLO volume totaled $5.3 billion in 12 deals, with one transaction closing in January, three in February, and eight in March, according to data provider Dealogic. However, compared with the 43 deals totaling $22 billion issued in the first quarter of 2007, this year has begun with a 72% drop in deal volume and a 76% fall in value.