US CLO round-up: the three stages of CLO management
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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AAA spread is only meaningful when you also consider the amount of par subordination.
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
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Comment by: Sayed Kadiri. Posted 6 years ago [2017-11-17 17:43:07]