Prudential Fixed Income to manage €300 million CLO
Dryden XXVII is the European market's second CLO since the financial crisis
NEWARK, N.J.--(BUSINESS WIRE)-- Prudential Fixed Income has been appointed collateral manager for the Dryden XXVII Euro CLO 2013 BV, which closed today, the company announced. Prudential Fixed Income is the principal fixed income business of Prudential Financial, Inc. (NYS: PRU) , which is headquartered in the US.
The collateralized loan obligation, arranged by Barclays Bank plc, is only the second European CLO to come to market since the global financial crisis and is the sixth to be issued under Prudential's Dryden brand in the last 17 months. Dryden XXVII is being managed by Prudential Fixed Income's leveraged finance time in London, which operates in the UK as Pramerica Fixed Income.
"We are proud to be among the first to help bring the European CLO market back to life following the financial crisis," said Jonathan Butler, managing director and head of leveraged finance in Europe. "Furthermore, we are grateful for the trust and confidence investors have in our investment strategy and CLO management capabilities."
The Dryden XXVII transaction allows for approximately 30 percent of the assets to pay a fixed rate coupon, compared to a traditional industry average of about five percent. It's also the first transaction in which equity was fully syndicated.
"Working closely with Barclays, we've taken a thoughtful approach to this transaction, which gives us more flexibility and enabled us to build a robust portfolio, while carefully managing risk," Butler added.
Dryden XXVII is the 44th such transaction to be managed or sub-advised by Prudential Fixed Income's global platform, which operates from London and Newark, N.J., in the US. Standard & Poors ranks Prudential, which manages $9.3 billion in CLO capital, as among the largest global CLO managers.
Prudential Fixed Income, with almost $400 billion in assets under management as of March 31, 2013, offers institutional investors needs-based solutions across all fixed income markets, with a focus on credit strategies and liability-driven investing. The firm has portfolio management and research teams in Newark, N.J.; London and Singapore. For more information, please visit www.prudentialfixedincome.com/.
Prudential Financial, Inc. (NYS: PRU) , a financial services leader with approximately $1.061 trillion of assets under management as of March 31, 2013, has operations in the United States, Asia, Europe, and Latin America. Prudential's diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential's iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit http://www.news.prudential.com/.
Prudential Financial, Inc.
Theresa Miller, 973-802-7455
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