PGIM prices €415.7 million Dryden 52 Euro CLO; non-high-grade secondary trading action strong

By Cristal Cody

Tupelo, Miss., June 7 – PGIM Ltd. priced €415.7 million of notes in a new euro-denominated CLO, the firm’s third new European CLO deal year to date.

The European new deal market is showing more activity with Blackstone/GSO Debt Funds Management Europe Ltd. also recently in the primary market with a €413.55 million CLO.

More than €7 billion of new euro-denominated CLOs have priced year to date, according to market sources.

In secondary market activity, volume totaled $3.35 billion in non-investment-grade CBO/CDO/CLO issues on Tuesday, according to Trace.

High-grade secondary market volume totaled $95.05 million.

On Monday, $26.96 million of investment-grade CBO/CDO/CLO issues and $98.49 million of non-high-grade securities were traded.

PGIM brings third deal

PGIM priced €415.7 million of notes due Aug. 15, 2031 in the new CLO deal, according to market sources.

Dryden 52 Euro CLO 2017 BV sold €237.1 million of class A senior secured floating-rate notes at Euribor plus 92 basis points in the senior tranche.

Goldman Sachs International was the placement agent.

The deal is collateralized mainly by secured senior loans and senior secured bonds.

PGIM has priced three new European CLOs and refinanced two vintage euro-denominated CLOs year to date.

In 2016, PGIM priced two euro-denominated CLOs and refinanced one vintage CLO.

The investment management firm is part of Newark, N.J.-based Prudential Financial Inc.

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