AXA IM Alts closed 11 managed CLO transactions last year

AXA IM Alts closed 11 managed collateralised loan obligations (CLOs) in 2024, for a total of €3.9bn (£3.3bn).

112 investors from Asia, Europe, the US and the Middle East backed these transactions, the alternative investment manager said.

The 11 transactions included two new issuances in the US – the Allegro CLO XVI and Allegro CLO XVIII – which closed with $460m (£377.06m) and $413m, respectively.

The firm also issued two new CLOs in Europe, the €353m Adagio XII EUR CLO DAC, and the €402m Adagio XI EUR CLO DAC.

AXA IM Alts said that the closing of these four new issues were “well subscribed, driven by good market conditions and a strong appetite from a diversified pool of investors across the capital structure, including at the equity level.”

The firm was also active on the reset and reissuance side of the business. AXA IM Alts led three transactions with the closures of Allegro CLO V-S at $418m, Allegro CLO XII with $371m, and Allegro CLO VIII-S with $417m.

AXA IM Alts also closed the refinancing transactions of four of its existing managed CLOs: Allegro CLO XI ($331m), Allegro CLO IX ($387m), Allegro CLO VII ($265m) and Allegro CLO X ($248m). The aim of these refinancings was to reduce the cost of debt of these transactions and increase the annual equity yield.

“These eleven transactions closed in 2024 mark a record year and significant milestone in our managed CLO activity,” said Christophe Fritsch, global head of alternative credit at AXA IM Alts.

“We believe the interest from investors demonstrates the strength and attractiveness of the current CLO market as well as AXA IM Alts’ established track record and deep expertise as a global CLO manager.”