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

By James Harvey

Monday, September 28, 2015

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: JFIN CLO 2015-II

Comment by: James Harvey. Posted 8 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 8 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.