Prudential prices $504.62 million; Ares resets CLO; Monroe, Allstate notes on tap

By Cristal Cody

Tupelo, Miss., March 2 – In new issuance, PGIM, Inc. priced a $504.62 million broadly syndicated CLO offering.

In the refinancing space, Ares Management LLC sold $977.33 million of notes in a second refinancing of a 2015 broadly syndicated CLO.

Allstate Investment Management Co. plans to price a first refinancing of notes from a vintage 2017 broadly syndicated CLO.

In addition, Monroe Capital Management LLC plans to refinance notes from a 2017 middle-market CLO offering.

Meanwhile, broadly syndicated CLO spreads have widened amid the broader market sell-offs last week that saw stocks sink, bonds widen and Treasuries rally on fears of a coronavirus pandemic.

CLO AAA-BBB spreads eased 9 basis points to 30 bps, while loan sectors including metals, energy, transportation and retail were the most impacted, J.P. Morgan Securities LLC analysts said in a research note on Friday.

New issue CLO AAA tranches ended February on average in the Libor plus 118 bps to Libor plus 138 bps area.

BBB spreads were quoted at the Libor plus 300 bps to Libor plus 375 bps area.

In the secondary market, CLO AAA tranches eased to the Libor plus 125 bps area, 19 bps wider versus Feb. 14, according to JPMorgan’s report.

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