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PGIM to refinance €385.83 million European CLO; securitized trading volume lower
By Cristal Cody
Eureka Springs, Ark., Nov. 9 – A second European CLO is expected to be refinanced following a strong wave of U.S. refinancings before U.S. Volcker Rule regulations take effect in December.
PGIM, Inc. plans to refinance €385,834,000 of notes in a 2013 euro-denominated CLO.
More than $18 billion of U.S. CLOs have been refinanced year to date.
In the European market this year, CELF Advisors LLP refinanced €268.6 million of notes in the Carlyle Global Market Strategies Euro CLO 2013-2 DAC deal on Sept. 30.
Securitized secondary trading dipped on Tuesday. Market volume included $195.02 million of investment-grade issues and $106.3 million of non-high-grade securities traded.
Trading volume on Monday totaled $346.45 million in high-grade CBO/CDO/CLO issues and $269.21 million in non-investment-grade securities, according to Trace.
PGIM to refinance CLO
PGIM plans to refinance €385,834,000 of notes due June 9, 2025 in the transaction, according to a market source.
Dryden XXVII Euro CLO 2013 BV intends to refinance €115 million of class A-1A-R floating-rate notes (//AAA); €167.5 million of class A-1B-R floating-rate notes (//AAA); €15,667,000 of class B-1A-R floating-rate notes (//AA+); €36 million of class B-1B-R floating-rate notes (//AA+); €19,333,000 of class C-1A-R floating-rate notes (//A+); €10,667,000 of class C-1B-R floating-rate notes (//A+) and €21,667,000 of class D-R floating-rate notes (//BBB+).
The deal also will include amendments to comply with U.S. Volcker Rule regulations.
Proceeds will be used to redeem the original notes on Dec. 9 at par.
PGIM has priced two new euro-denominated CLOs year to date.
The investment management firm is part of Newark, N.J.-based Prudential Financial Inc.
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