New Prudential CLO sells to third party investors

Prudential Fixed Income has announced the closing of Dryden XXII, a deal which priced at the back-end of last year through JP Morgan. The manager has stated that the entire $305 million fund was sold to outside investors, which has become a rare feat given that most deals issued since the crisis have seen the manager retain sizable chunks of CLO equity and at times managers have also bought some of the CLO debt.

According to CLO-i, Prudential has been a big CLO investor through its bond funds. A recent Creditflux study showed that the manager had at least $168 million invested in CLOs through these investment funds. However the data shows that the manager hasn't invested in its own deals but has typically bought CLO paper in funds overseen by other managers.