Apex prices $409.5 million US CLO with signs of Japanese interest

By James Harvey

Apex Credit Partners priced its second CLO of the year on Friday, according to market sources. The deal features a repackaged triple-A tranche denominated in Japanese yen

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TAGS: Jefferies MUFG Apex

View details on CLO-i: Apex Credit CLO 2015-2

Comment by: James Harvey. Posted 4 years ago [2015-09-30 13:20:02]

Hi, The AX tranche in this deal isn't quite the same as typical X tranches - principal repayments begin on the fourth payment date (i.e. Jan 2017) and the tranche is expected to amortise by the end of the reinvestment period (four years).

Comment by: Anonymous. Posted 4 years ago [2015-09-28 12:30:08]

The 99.75 price on the AX looks wrong. Normally that's a short-dated tranche paying closing fees. Say it is 1yr WAL, then that gives an approx 25bp pick-up to the coupon, so a rich DM of 170.