Blog Post
Data Drop: CLO Holdings Shift as LevFin Primary Activity Returns
The pick-up in leveraged finance primary market activity in the third quarter, alongside managers’ responses to credit challenges, led to material changes in the sector make-up of CLO holdings, Octus data shows. Even among deals reporting both in the second quarter and the third quarter, and those reporting in either, some sectors showed large changes in outstanding balances.
The largest issuer-level increase, at just under $1.7 billion, in Industrials, came from Carrix, Inc., which priced a $2.5 billion TLB and a $500m delayed draw loan in July. The largest issuer-level increase for euro denominated debt was Creek Parent, Inc., up €654 million after it issued a €1 billion TLB in July, alongside a larger US dollar loan, of which $1.6 billion ended up in CLOs.
On the down side, Jane Street’s giant bond market refinancing reduced CLO holdings of the Financials issuer by $3.3 billion. In Europe, Health Care company Roar Bidco AB (Recipharm) was the largest decline at €706 million following its refinancing into a new capital structure – CLO holdings of Roar Finco S.a.r.l. now stand at €502 million.
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