Two major names are close to raising debt for collateralized loan obligations. Bain Capital affiliate Sankaty Advisors is in the market via J.P. Morgan with the $500 million Avery Point CLO. Merrill Lynch, meanwhile, is said to be close to pricing the notes backing a CLO for Prudential Financial's leveraged bank loan group. The Prudential CLO is called Dryden 5 and is set to be approximately $350 million, according to a source. Ross Smead, portfolio manager for Prudential's leveraged bank loan division, declined to comment. Price talk on the triple-A notes is within the LIBOR plus 55 basis points level, said the source. This will be Prudential's second CLO this year, with UBS bringing the $349 million Dryden 4 to market in August. A Merrill spokesman also declined comment. Sankaty managing director Jonathan Lavine did not return calls.
Want full access to GlobalCapital?
If you are new to GlobalCapital or you already subscribe to some of our channels you can still easily extend your access.
Take a trial to the entire site or subscribe online to see all our capital markets news, opinion and data sets.
Don't miss out!Free trial
Read the magazine on your mobile device
Latest news by market and league table performance
|Rank||Lead Manager/Arranger||Total Volume $m||No. of Deals||Share % by Volume|
|1||Bank of America Merrill Lynch (BAML)||1,284||2||30.09|
Bookrunners of Global Structured Finance
|Rank||Lead Manager||Amount $m||No of issues||Share %|
|3||Bank of America Merrill Lynch||7,814.11||25||9.30%|
|5||Wells Fargo Securities||6,648.29||26||7.91%|