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Mid-market CLO league tables Jul 2024 — Unfamiliar arrangers lead the way in quiet month
Charlie Dinning
•3 min read
Resets are calculated based on debt and upsized equity only
*For multi-arranger deals, lead arranger gets 75% of the share while co-arrangers get an equal share of the remainder
**Co-placement agents get 25% of the share while the lead gets 75%
It was a quiet month for middle-market CLO issuance as only $3.2bn priced in July, according to 9fin data. This year, only January had lower monthly volumes ($2.6bn).
Three managers entered the middle-market CLO space in July. Comvest (a debut CLO manager), Maranon, and Jefferies Credit Partners. The manager base now stands at 28, according to 9fin data.
There was no change in the top four middle-market CLO managers in the league tables, with Golub, Antares and Ceberus all absent in July. Golub leads in overall issuance, but Antares leads in new issuance with Blue Owl $230m behind.
Blue Owl priced a technology middle-market CLO last month, named Athena CLO IV, with MUFG as lead arranger and NatWest as a co-placement agent.
Ivy Hill Asset Management (the middle-market arm of Ares Management) entered the top five after pricing a reset via Societe Generale in July. AB was fifth but drops to seventh in the league tables as Ivy Hill and PennantPark leapfrogged the manager.
Top 10 middle-market CLO managers YTD
The reset that SocGen priced with Ivy Hill meant that the French bank held on to the top spot in the arranger league tables by the barest of margins. SocGen leads GreensLedge in overall issuance by only $3.5m, according to 9fin data, thanks to GreensLedge’s proclivity for middle-market resets. GreensLedge has arranged $1.7bn of resets this year, while no other arranger has arranged more than $863m (Citi).
SocGen is the runaway leader in new issuance with almost $3.6bn of arranging credits to its name. Bank of America is second in new issuance but $885m behind SocGen, GreensLedge is in third and a further $196m behind BofA.
