Two new collateralized loan obligations priced last week, bringing the total volume for the year to date to roughly $21 billion, according to Bank of America Merrill Lynch.
In its CLO Weekly publication, the firm said Symphony Asset Management priced its third deal of the year: a $417 million “regular-way” CLO. This brought Symphony’s total issuance for the year to $1.36 billion.
The triple-A tranche on the latest deal priced at Libor plus 151 bps, the double-A tranche at Libor plus 290 bps, the single-A at Libor plus 400 bps, the triple-B at Libor plus 650 bps, and the double-B at Libor plus 875 bps for the double-A, single-A, triple-B, and double-B, respectively. “This is in line with other deals that priced in July demonstrating stability in new issue pricing,” BAML analysts said in the report.
The second deal came from Brigade Capital, which refinanced its Camulos Loan Vehicle I transaction, originally issued in 2008. Spreads for this “static” deal were tighter, with the triple-A tranche pricing at Libor plus 135 bps.