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

Subscriber-only article

This article is available only to Creditflux subscribers and free trial users within 30 days of publication.

Already a subscriber? Not logged in? Click here to login.

If you have not already done so,
you may request a FREE TRIAL by clicking here

This trial will give you:
  • 4-weeks' free online access to our
    most recent subscriber-only articles
  • Daily breaking news alert sent by email
  • A print copy of Creditflux

If you currently have a free trial, you will see this message when you try to view articles older than 30 days.

Click here to subscribe and receive access to our extensive archive.

TAGS: Jefferies MUFG

View details on CLO-i: Jfin clo 2015-2

Comment by: James Harvey. Posted 1 year 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 1 year 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.