Hayfin prices $352.63 million CLO; PGIM prices $410 million notes; CLO spreads tighten

By Cristal Cody

Tupelo, Miss., Dec. 21 – Hayfin Capital Management LLC priced a $352.63 million broadly syndicated CLO in December in its first dollar-denominated deal of the year.

Meanwhile, PGIM, Inc. also returned to the primary market to bring a $410 million CLO transaction set to close in 2021.

More than $86 billion of dollar-denominated CLOs have priced year to date with pricing and refinancing action remaining steady in December, according to market sources.

Meanwhile in the secondary market, spreads tightened over the past week ended Friday across the capital stack with AAAs at Libor plus 115 basis points, according to a BofA Securities, Inc. research note.

CLO AAA-AA spreads each tightened 5 bps, while single A tranches improved 10 bps to Libor plus 230 bps on the week.

BBB spreads firmed 15 bps to Libor plus 360 bps and BB-rated tranches tightened 25 bps over the week to Libor plus 875 bps.

Overall BWIC volume remained strong at $1.2 billion, compared to $1.3 billion of volume in the previous week, according to the note.

Hayfin CLO XII prints

Hayfin Capital Management sold $352,625,000 of securities due Jan. 20, 2034 in its CLO deal, according to market sources.

Hayfin U.S. XII, Ltd./Hayfin U.S. XII, LLC priced $200 million of class A loans at Libor plus 143 bps and $17 million of class A floating-rate notes at Libor plus 143 bps in the AAA-rated tranches.

Jefferies LLC was the placement agent.

The deal is backed primarily by broadly syndicated first lien senior secured corporate loans.

The CLO manager is part of London-based alternative asset management firm Hayfin Capital Management LLP, which merged with New York-based Kingsland Capital Management, LLC in 2018.

Dryden 83 prices

PGIM priced $410 million of notes due Jan. 18, 2032 in the Dryden 83 CLO, Ltd./Dryden 83 CLO, LLC transaction, according to market sources.

Dryden 83 CLO sold $256 million of the class A floating-rate notes at Libor plus 122 bps.

J.P. Morgan Securities, LLC was the placement agent.

The deal is backed primarily by broadly syndicated first-lien senior secured loans.

The investment management firm is a subsidiary of Newark, N.J.-based Prudential Financial Inc.

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