PGIM pushes for tighter terms on Libor replacement

PGIM’s Ronni Neeman, vice-president, structured products, said that his institution was pushing CLO managers to put firmer terms on replacing Libor in their deal documents, cutting down on manager discretion — which could be used to lock in low fixed interest rates if the benchmark is no longer published after 2021.

  • By Owen Sanderson
  • 27 Feb 2018
Unlike other securitization asset classes, the actively managed nature of CLOs gives more options for coping with the potential end of Libor — managers are involved for the life of a deal — but this also creates more opportunities for conflict over deal terms, especially if the manager ...

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Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 9,725 17 21.27
2 JP Morgan 4,494 5 9.83
3 Citi 4,296 9 9.40
4 Bank of America Merrill Lynch (BAML) 3,067 11 6.71
5 Lloyds Bank 2,346 10 5.13

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1 Citi 59,475.13 168 11.58%
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3 Wells Fargo Securities 39,671.56 116 7.73%
4 JPMorgan 39,226.50 111 7.64%
5 Credit Suisse 30,786.36 73 6.00%