Prudential Fixed Income has been appointed collateral manager for the
recently closed Dryden 32 Euro CLO 2014 B.V., the company announced.
Prudential Fixed Income, ranked among the largest collateralized debt
obligation managers, is the principal public fixed income business of
Prudential Financial, Inc. (NYSE: PRU).
The €416.7 million collateralized loan obligation closed on July 23. The
cash-flow CLO transaction is managed by Prudential Fixed Income‘s team
in London and is the third European CLO to be issued under Prudential's
Dryden brand since May 2013. Prudential Fixed Income also closed two CLO
transactions in the U.S. during the first half of 2014.
“We are encouraged with the progress achieved on the initial ramp of the
portfolio,” said Jonathan Butler, managing director and head of
leveraged finance in Europe. “In keeping with our investment strategy,
we continue to find interesting opportunities across both the senior
secured loan and high yield bond universes."
Dryden 32 allows for up to 20 percent of the assets to pay a fixed rate
coupon (without any additional hedging being required), compared to a
traditional industry average of about 5 percent.
Dryden 32 is the 50th cash or synthetic CLO/CDO structure to be managed
or sub-advised by Prudential Fixed Income's global platform, which
manages more than $9 billion in CLO capital from its offices in London
and Newark, N.J.
Prudential Fixed Income, with $418 billion in assets under management as
of March 31, 2014, offers institutional investors needs-based solutions
across all fixed income markets, with a focus on credit strategies and
liability-driven investing. Prudential Fixed Income has portfolio
management and research teams in Newark, N.J.; London and Singapore. For
more information, please visit http://www.prudentialfixedincome.com.
Prudential Financial, Inc. (NYSE: PRU), a financial services leader with
more than $1.1 trillion of assets under management as of March 31, 2014,
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 www.news.prudential.com.
Copyright Business Wire 2014