US CLO round-up: the three stages of CLO management

By Tanvi Gupta

An experienced CLO manager, a manager with a three year track-record in CLO management and two rookies priced deals this week. Our data shows that the market is applying a 9bp premium on triple A notes based on the experience of a manager

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TAGS: CLO Pricing North America Round-up

Comment by: Sayed Kadiri. Posted 2 years ago [2017-11-17 17:43:07]

Very true, anonymous. Galaxy 24's AAAs have a 36% cushion, which is a lot smaller than Carlyle's reset, which has 43.3% AAA par subordination

Comment by: Anonymous. Posted 2 years ago [2017-11-17 17:38:54]

AAA spread is only meaningful when you also consider the amount of par subordination.

Comment by: Sayed Kadiri. Posted 2 years ago [2017-11-17 17:20:43]

In the last few minutes, Barclays has priced a new US CLO for PineBridge. Rather, conveniently, this transaction fits our theme of manager tiering: senior notes in Galaxy 24 have priced at 112bp. This is 2bp wide of Carlyle and 3bp tighter than York. PineBridge is an experienced CLO manager having been in the business for over a decade, but it is not as frequent an issuer as Carlyle