Pramerica prices CLO but next step will rely on HY bonds

Pramerica Investment Management has successfully priced Europe’s second leveraged loan CLO of the year, the 300m Dryden CLO XXVII. The transaction was well received by the market — particularly for the measured approach to the timing. But it also highlighted one of the chief obstacles to a full revival of the European CLO market — the shortage of leveraged loans available in the market, writes Hugh Leask.