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Guggenheim Markets 1st CLO From New GCM Shelf; Transaction 1 of 5 New Issues in BofA Pipeline
Guggenheim Asset Management is set to price its first new issue broadly syndicated loan CLO under its new GCM shelf, according to market sources. The transaction is the first BSL deal from the revamped CLO team at Guggenheim, which is led by former Blackstone loan head Robert Zable, who joined Guggenheim last year.
The transaction is named GCM CLO 2026-1, and its triple-As are expected to price at 132 bps. The full capital stack can be seen below. Guggenheim has one reinvesting CLO outstanding, according to Octus’ Structured Finance Insights.
The deal is one of five new issue CLOs in the pipeline for arranger BofA, which is also readying transactions for Ares Management, Neuberger Berman, UBS Asset Management and Trimaran Advisors.
Trimaran Advisors is expected to price Trimaran Cavu 2026-1 next week, with triple-As pre-placed at 128 bps, according to sources. The capital stack can be seen below.
Ares LXXXI is also set to price next week, with Japan Post anchoring the triple-A tranche, according to sources.
Neuberger Berman and UBS Asset Management have not announced their new issues as of today, April 16, but are expected to launch in the coming weeks. Sources say that both triple-A tranches are expected to be backstopped by BofA.
UBS Asset Management declined to comment. BofA, Ares, Neuberger Berman, Trimaran and Guggenheim did not respond to requests for comment.
| GCM CLO 2026-1 | ||||||
| Class | Size ($M) | Rating (M/F) | Par Sub | WAL | MVOC | IPT |
| A-1 | 248 | Aaa/– | 38% | 6.3 | 160.9% | 132 bps |
| A-2 | 10 | –/AAA | 35.5% | 7.6 | 154.7% | 150-155 bps |
| B | 45 | –/AA | 24.25% | 8.1 | 131.7% | 160-165 bps |
| C | 24 | –/A | 18.25% | 8.8 | 122% | 185-195 bps |
| D | 25 | –/BBB- | 12% | 9.4 | 113.4% | 290-300 bps |
| E | 15 | –/BB- | 8.25% | 10 | 108.7% | 575-600 bps |
| F | 0.2 | B3/– | 8.2% | 10.1 | 108.7% | Retained |
| Sub | 39.6 | – | – | – | – | – |
| Trimaran CAVU 2026-1 | |||||||
| Class | Size ($M) | Rating (S&P) | Par Sub | WAL | MVOC | DM | Status |
| X | 2 | AAA | 1.5 | 90 bps | Open | ||
| A | 256 | AAA | 36% | 6.4 | 155% | Preplaced @ 128 bps | |
| B | 48 | AA | 24% | 8.2 | 130.5% | Preplaced @ 165 bps | |
| C | 24 | A | 18% | 8.9 | 121% | 180-185 bps | ~0.6x |
| D-1 | 20 | BBB- | 13% | 9.4 | 114% | 290 bps | $5 million to go |
| D-2 | 8 | BBB- | 11% | 9.8 | 111.4% | 435-450 bps | Open |
| E | 12 | BB- | 8% | 10.1 | 107.8% | 560-575 bps | Open |
| Sub | 34.4 | ||||||
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