PGIM prices $401.3 million new CLO; Symphony, Triumph, AMMC refinance vintage CLO notes

By Cristal Cody

Tupelo, Miss., Oct. 15 – PGIM, Inc. priced a new $401.3 million CLO offering in the manager’s fifth dollar-denominated deal of 2019.

Meanwhile, three CLO managers refinanced vintage CLO notes after a slow September saw the lightest volume since the start of the year.

Symphony Asset Management LLC priced $584.25 million of notes in four tranches in a second refinancing of a 2014 CLO.

Triumph Capital Management, LLC sold $485.35 million of notes in two tranches in a partial refinancing of a vintage 2017 CLO.

American Money Management Corp. priced $371.25 million of notes in a partial refinancing of a vintage 2016 CLO.

Year to date, the new issue CLO market totals about $89 billion, which is closing in on the $110 billion of total supply forecast for the year after a late summer deal lull in August and September, according to a Wells Fargo Securities LLC October research report.

The previous month saw the lowest CLO refinancing, reset and reissue volume since February, according to the note.

More than $34 billion of vintage CLOs have been repriced this year, down from the nearly $91 billion of CLOs refinanced in the same period last year, Wells Fargo said.

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