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Euro CLO primary active; PGIM prices 358 million CLO; Voya brings 253 million deal
By Cristal Cody
Tupelo, Miss., Nov. 4 European CLO volume got a boost with new issuance from PGIM, Inc. and Voya Alternative Asset Management LLC.
PGIM priced a 358 million euro-denominated broadly syndicated CLO in the managers second euro-denominated broadly syndicated CLO offering of the year.
Voya Alternative Asset Management sold 253 million of notes in a new CLO offering, also its second euro-denominated broadly syndicated CLO deal this year.
About $70 billion of dollar-denominated broadly syndicated CLOs and more than 17 billion of euro-denominated CLOs have priced year to date, according to market sources.
Dryden 79 prices
PGIM priced 358 million of notes due Jan. 18, 2034 in the new CLO, according to market sources.
Dryden 79 Euro CLO 2020 DAC sold 203 million of class A senior secured floating-rate notes at Euribor plus 120 basis points in the AAA-rated tranche.
Credit Suisse Securities (Europe) Ltd. was the placement agent.
PGIM Loan Originator Manager Ltd. will manage the CLO.
The issue is collateralized mostly by senior secured obligations.
PGIM has priced two new euro-denominated CLOs year to date.
The investment management firm is part of Newark, N.J.-based Prudential Financial Inc.
Voya prices 253 million
Voya Alternative Asset Management priced 253 million of notes due Jan. 15, 2034 in its CLO offering, according to market sources.
Voya Euro CLO IV DAC sold 155 million of the class A floating-rate notes at Euribor plus 115 bps.
J.P. Morgan Securities plc was the placement agent.
The deal is collateralized mostly by senior secured leveraged loans and bonds.
The CLO manager has priced two euro-denominated CLOs year to date.
Voya Alternative Asset Management is an affiliate of New York City-based Voya Investment Management LLC.
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