Over the week ended May 6, the pipeline of collateralized loan obligations being rated by Standard & Poor’s decreased, to $11.87 billion, from $15.75 billion the previous week.
All told, S&P expects 25 new vehicles to close based on deals in the pipeline, versus 32 from the previous week.
On the other side of the ledger, optional redemptions for CLOs based on notices received by S&P now stand at roughly four vehicles, versus three from last week.
Among the deals for which S&P has issued presale reports this week are the $572.5 million Shakleton CLO 2014-V, sponsored by Alcentra. The senior tranche has a preliminary AAA’ rating from S&P and was offered at Libor plus 150 basis points. Morgan Stanley is the initial purchaser.
S&P also assigned a preliminary rating to the senior tranche of the $734.4 million Dryden 33 Senior Loan Fund, sponsored by Prudential Investment Management. The senior, AAA’ rated tranche was marketed at Libor plus 148 basis points. Goldman Sachs is the placement agent.
And on Friday, S&P published a presale report on Venture XVII CLO, sponsored by MJX Asset Management. The senior, AAA’ rated tranche was offered at Libor plus 148 basis points. RBC Capital Markets is the arranger.