US CLO primary wrap — AAAs and BBs converge as investors get their fix
•5 min read
The US CLO market roared into life last week as $4.5bn of US CLO new issuance priced across 10 deals, while a further four resets ($1.7bn) were brought to market. There was also $910m of middle-market new issuance across three deals.
Before last week, there had only been $2.6bn of US CLO new issuance in January across six transactions.
This supply of CLO paper did not have a negative impact on liability spreads, however, as Oak Hill Advisors priced OHA 17 with BNP Paribas and achieved a new triple-A benchmark of 148bps.