A USD 161m BWIC of 90 securities is in circulation this week, consisting of various performing credits, according to two sources familiar with the matter. One of the dealers marketing the portfolio is Cantor Fitzgerald, the sources added.
Bids were due today at 12.30pm, the sources said. The seller is likely a CLO fund, one of the sources and another source added.
The portfolio comes on the heels of two other BWICs that circulated last month, one composed almost entirely of reorganized equities and distressed term loans and the other including five slugs of reorganized equity and other performing credits, as reported.
Some of the larger chunks of roughly USD 4m offloaded in the portfolio include loans from CIRCOR International, CommScope, Power Solutions and Tekni-Plex. Other notable names include Avaya, CenturyLink and Garda World.
CIRCOR’s USD 492m Libor+ 325bps due 2024 was last quoted today at 99.229/99.75, in line with recent levels, according to Markit.
CommScope’s USD 3.2bn Libor+ 325bps due 2026 was last quoted today at 99.275/99.85 context, in line with recent levels, according to Markit.
Cantor did not respond to a request for comment.