Apex prices $409.5 million US CLO with signs of Japanese interest
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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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.
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Comment by: James Harvey. Posted 8 years ago [2015-09-30 13:20:02]