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PGIM refis 2018 CLO with triple and double Bs wider
1 day ago
PGIM has saved 12.34 basis points after refinancing its 2018 CLO named Dryden 61. Unusually for a refi, the triple and double B notes were wider than in their original issue form -
European CLO leverage hits double-figures
2 days ago
European CLO leverage has increased this year, from an average of 9.4 debt-to-equity in 2020 to 10.3 times in 2021, according to Creditflux data. -
European CLO repricings top €8 billion in 2021 as Ares and PGIM rework deals
9 days ago
Ares and PGIM printed two repricings of European CLOs on Wednesday, taking year-to-date volume to €8.29 billion -
PGIM pushes US CLO market tighter with triple As at just 104bp
11 days ago
PGIM has pushed the CLO liability market one basis point tighter by resetting a deal with triple As at 104bp over Libor -
PGIM resets Dryden 44 and switches from six-month to three-month Euribor
25 days ago
JP Morgan has arranged the reset of PGIM's 2016 vintage Dryden 44, switching paying liabilities from semi-annual basis to quarterly -
PGIM refinances CLO it won management rights to in 2018
1 month ago
PGIM has teamed up with Morgan Stanley to refinance a CLO that it won the management rights to in 2018 -
PGIM prints first fixed-rate CLO refi of 2021
1 month ago
PGIM has priced the first single-tranche fixed-note CLO refinancing of 2021, a type of CLO primary transaction popularised in 2020 following the coronavirus outbreak -
US CLO league tables: AGL and JP Morgan topple leaders in new issuance, but Apollo and Citi maintain overall dominance
1 month ago
Only 13 months after setting up shop, AGL Credit Management vaulted itself to the top of the US CLO new issue league tables in 2020 -
Global 2020 CLO league tables
1 month ago
Global 2020 CLO league tables -
CLO pipeline: managers waste no time cracking open the new year
1 month ago
The US CLO primary market is itching to open shop in 2021 as four refinancings and two resets line up alongside seven managers marketing new deals -
PGIM continues drive to bring back pre-covid-style refis with $873.81m deal
2 months ago
PGIM is continuing its crusade to bring back pre-covid-style CLO refis after teaming with Citi on Monday to refinance four floating rate tranches of its 2014 vintage CLO named Dryden 33 Senior Loan Fund -
Global CLO b-wic round-up: junior tranches trade above par as US volumes reach $45bn
2 months ago
A busy week of over $1.4 billion of US CLO secondary bonds and €290 million of European CLO paper gave light to CLO spreads across the capital structure continuing their push towards pre-covid levels -
US CLO league tables: new issue rankings go to wire as post-pricing upsizes pop up
2 months ago
The new issue US CLO rankings are tightly contested with JP Morgan leading Citi by just $641 million with one month left of the year. Even in December's typically slower weeks this is a closeable gap -
PGIM completes first multi-tranche floating-rate CLO refi since February
2 months ago
PGIM has hastened the return of pre-covid-style CLO refinancings by cutting the funding costs on multiple floating-rate debt tranches of its 2014-vintage CLO named Dryden 36 Senior Loan Fund -
Pre-covid style CLO refis set to return as PGIM plans four-tranche deal
3 months ago
PGIM is set to bring back pre-covid style refinancings of floating rate CLO debt on Monday as the manager prepares to refi four tranches of its 2014 vintage CLO named Dryden 36 Senior Loan Fund -
PGIM hires senior European lev fin PM
3 months ago
PGIM has hired the former head of European high yield and global loans at Aberdeen Standard Investments -
PGIM reunites with JP Morgan for first US new CLO partnership in six years
3 months ago
PGIM has reunited with JP Morgan for the pair's first new issue US CLO in partnership in almost six years -
CLO pipeline: New issuance pause ends as managers look to gain from rallying spreads
3 months ago
It is two and a half weeks since the last US CLO new issue priced, but that is set to change and Bridgepoint’s debut European transaction on Friday brought an end to Europe’s own two-and-a-half-week primary break -
Elements work against CLO managers in Q3
4 months ago
CLO equity distributions fell in Q3 largely due to factors, such as Libor mismatches, that CLO managers can’t control. But these headwinds could turn in favour of managers in the near future -
Six European CLO managers switch to Ireland after Dutch tax hike
4 months ago
European CLO managers have been rapidly shifting their Netherlands-domiciled SPVs to Irish DAC vehicles, according to sources, including PGIM, Barings and Cairn -
Euro CLO round-up: fluctuating spreads give mixed signals
4 months ago
Last week was one of the European CLO market’s busiest since the coronavirus crisis began, as four managers brought new deals to market – adding €1.35 billion -
Euro CLO primary mezz snaps wider but senior holds firm as Ares and PGIM print
4 months ago
Fears around a second wave of coronavirus pandemic have pushed European mezzanine spreads wider since September, with new CLOs from PGIM and Ares Management underlining this shift -
CLO pipeline: primary tightening opens door for CLO managers to print new issues
5 months ago
The CLO primary market is hitting a fast pace as it enters the last quarter of 2020. Last week brought a surge of new issuance as 11 US, two European and one mid market CLO manager priced their latest transactions -
PGIM embarks on European CLO comeback with first deal since early March
5 months ago
PGIM is set to price its first post-covid European CLO as the manager markets Dryden 79 with triple A notes within range of a deal which it priced in early March -
LP round up: $5 billion flows to credit as private market allocations increase
5 months ago
Global institutional investors allocated nearly $5 billion to credit funds this week, according to documents seen by Creditflux
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