MM CLOs: Tight Pricing Across the Stack Compared to Historical Norms
The table below shows the estimated historical median new issue MM CLO pricing DMs for AAA/AA/A/BBB when the four-week moving...
The table below shows the estimated historical median new issue MM CLO pricing DMs for AAA/AA/A/BBB when the four-week moving...
Partners Group achieved an impressive milestone with an AAA print of 136 bps for its Penta CLO 17 deal on...
On January 19, 2024, GoldenTree celebrated a notable achievement with an AAA print of 150 basis points (bps) for its...
It is interesting to note that, even among deals with identical AAA pricing, the all-in WACC can vary to a certain extent for US BSL CLO deals priced since mid-January 2024.
Managers with top-tier AAA spreads of 150 bps or tighter, based on median metrics, have consistently outperformed both the industry’s average and median alpha performance. Year-to-date, managers who have achieved AAA spreads of 150 bps or tighter include Blackstone, Blackrock, CIFC, Goldentree, Octagon, Ares, NB, PGIM, CVC, Oah Hill, Palmer Square, Elmwood, and Allstate.
These examples underscore the value of integrating loan market information to gain deeper insights into CLO AAA tranche pricing.
