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Primary action light; Par-Four brings CLO; pipeline steady with 17 deals on horizon
By Cristal Cody
Tupelo, Miss., July 25 – New issuance stayed light over the week in the CLO market, while about 17 deals totaling $7.9 billion remain in the near-term pipeline, including a $1.26 billion offering from Ares Management LLC, according to market sources on Friday.
Prudential Investment Management, Inc. was in the primary market at the start of the week with the $666.5 million Dryden 34 Senior Loan Fund/Dryden Senior Loan Fund LLC deal, a source said.
Prudential Financial Inc. announced on Friday that the €416.7 million Dryden 32 Euro CLO 2014 BV transaction the firm priced on June 26 has closed.
Prudential Fixed Income in London is the CLO manager.
The Dryden 32 Euro CLO placed the AAA-rated tranche at Euribor plus 140 basis points.
Barclays Bank plc was the placement agent.
“We are encouraged with the progress achieved on the initial ramp of the portfolio,” Jonathan Butler, Prudential’s managing director and head of leveraged finance in Europe, said in the release.
According to Prudential’s statement, Dryden 32 allows for up to 20% of the assets to pay a fixed-rate coupon without any additional hedging being required, compared to a traditional industry average of about 5%.
The deal is Prudential’s third European CLO priced under the Dryden brand since May 2013.
Prudential Fixed Income manages more than $9 billion in CLO capital in the U.S. and European markets.
The Newark, N.J.-based firm to date has closed on two U.S. CLO transactions in 2014.
In other issuance, details emerged on a $462.67 million offering from Par-Four Investment Management, LLC.
The Woodcliffe Lake, N.J.-based firm sold $128 million of triple A-rated notes at Libor plus 135 bps in the Tralee CLO III, Ltd./Tralee CLO III, LLC vehicle, according to a market source.
Deutsche Bank Securities Inc. was the placement agent.
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