PGIM pushes for tighter terms on Libor replacement

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PGIM pushes for tighter terms on Libor replacement

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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.

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