PGIM eyes reopening Dryden 39 Euro CLO to issue subordinated notes; secondary thins

By Cristal Cody

Tupelo, Miss., Sept. 15 – The European CLO market is showing signs of activity after a primary lull over the past few weeks.

PGIM Ltd. may reopen its €415.7 million Dryden 39 Euro CLO 2015 BV transaction to price additional subordinated notes.

In other activity, CIFC LLC said in a news release on Thursday that it plans to partner with the Healthcare of Ontario Pension Plan to form CIFC CLO Strategic Partners II, a new capitalized manager-owned affiliate of CIFC.

CMOA II intends to purchase the majority equity positions of CIFC’s future new issue CLOs to comply with U.S. and E.U. risk retention rules.

CIFC said in the release it has issued a total of $2.9 billion in new CLOs. CMOA II is expected to support about $7.5 billion of CIFC’s new issuance over the next several years.

In the firm’s most recent deal priced in August, affiliate CIFC Asset Management LLC sold the $814.41 million CIFC Funding 2017-IV Ltd./CIFC Funding 2017-IV LLC transaction.

The New York-based credit manager has priced four new CLOs and refinanced three vintage CLOs year to date.

About $63 billion of new U.S. CLOs and more than €10 billion of new euro CLOs have priced year to date, according to market sources.

Elsewhere, secondary market volume thinned over the week.

On Thursday $82.81 million of investment-grade CBO/CDO/CLO issues and $119.49 million of non-investment-grade securities traded, Trace reported.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.