PGIM, CVC refi CLOs as negative rates persist

Benchmark rate interest swap future adobe Stock 230x150
By Tom Brown
12 Sep 2019

The CLO refinancing wave has rolled through to the end of summer, with PGIM and CVC both refinancing deals from 2016 and 2017 respectively, as European markets continue to contend with negative rates.

BNP Paribas is assisting PGIM in its refi of Dryden 48 Euro CLO 2016, a €400m deal with a weighted average life test of 8.5 years. The €220m triple-A notes were priced at 101bp over Euribor. The deal was originally priced at 96bp over three-month Euribor in December ...

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