Prudential M&G, a subsidiary of Prudential based in Europe, also scored with its first ever purely European collateralized loan obligation. The $308 million deal called Leopard CLO I consists of a revolving pool of senior loans, mezzanine loans and synthetic securities, said an analyst. The European leveraged loan market is seen to be catching up to the U.S., with the poor performance of bond deals encouraging managers and investors to turn to loans (LMW, 11/18). Credit Suisse First Boston underwrote the notes.
| How It Priced* | |||
| Rating | Tranche Size | Spread | WAL* |
| AAA | EUR 191.25 million | EURIBOR+55 | 8.1 |
| AA | EUR 34.25 million | EURIBOR+110 | 9.3 |
| A | EUR 30.3 million | EURIBOR+200 | 9.6 |
| BBB | EUR 8.5 million | EURIBOR+325 | 9.6 |
| BBB | EUR 5 million | Swap+325 | 9.6 |
| BB | EUR 6 million | EURIBOR+650 | 9.8 |
| BB | EUR 1.5 million | Swap+650 | 9/8 |
| Equity | EUR 30.9 million | . | . |
| *Weighted Average Life |