Prudential Fixed Income to manage €416.7 million Dryden 32 CLO

LONDON--(BUSINESS WIRE)--

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. 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. 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.