NY Life, Nuveen Prep Bank Loan Funds . . .

New York Life Investment Management has filed with the Securities and Exchange Commission to launch the Mainstay Floating Rate Fund, while Nuveen Investments also has in the works a public offering of a closed-end exchange-traded fund investing in loans.

  • 13 Feb 2004
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New York Life Investment Management has filed with the Securities and Exchange Commission to launch the Mainstay Floating Rate Fund, while Nuveen Investments also has in the works a public offering of a closed-end exchange-traded fund investing in loans.

Floating-rate funds have caught on among retail investors with firms such as Eaton Vance and Merrill Lynch raising a total of $900 million of assets in their offerings last year (LMW, 12/2). Bank loan, or floating-rate, funds gained a 10.4% return in 2003, according to Morningstar. "It's the best annual return since we started tracking the group in 1990," said Scott Berry, a Morningstar analyst.

NYLIM's Tony Malloy and Robert Dial will manage the fund. Nancy Paris, spokeswoman, confirmed the filing but could not provide details. The fund will invest 80% of its assets in a diversified portfolio of floating-rate loans and other floating-rate debt securities, according to the filing.

The Nuveen fund, planned for March 2004, is called the Nuveen Floating Rate Income Fund, according to a statement from the manager. Portfolio managers from Nuveen's Symphony Asset Management team will manage the fund. A Nuveen spokeswoman declined comment as the fund is in a quiet period. The Symphony unit is also raising two bank loan funds that short loans as part of the strategy (LMW, 2/9).

  • 13 Feb 2004

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Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 10,542 20 17.55
2 Bank of America Merrill Lynch (BAML) 6,103 21 10.16
3 Citi 5,130 13 8.54
4 JP Morgan 4,681 6 7.79
5 Morgan Stanley 4,137 11 6.89

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1 Citi 81,261.11 236 11.54%
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