Prudential Fixed Income has closed Dryden XXII, its most recent collateralized loan obligation at $304.8 million, the company said today. Prudential Fixed Income is the principal fixed-income asset management business of Prudential Financial, Inc. (NYSE: PRU).
Most of Dryden XXII will be owned by third-party investors, unlike many of the transactions the market has seen since the financial crisis in which the manager retains significant portions of equity or debt.
“We’re excited to participate in the return of the CLO market,” said Sara Bonesteel, managing director and head of Prudential Fixed Income’s global CLO team. “Dryden XXII’s distribution is broad, and we’re delighted that investors have shown confidence in our credit capabilities and our long experience in CLO management.”
Prudential’s newest transaction continues under the Dryden brand, launched when Prudential Fixed Income entered the collateralized debt obligation market in 2000. With 22 CLOs currently managed from Newark and London, the firm has about $10.5 billion in CLO capital under management. Standard & Poor’s ranks Prudential among the world’s largest cash flow CLO managers.
Prudential Fixed Income, with $327 billion in assets under management as of September 30, 2011, offers institutional investors needs-based solutions across all fixed income markets, with a focus on credit strategies and liability-driven investing. Prudential Fixed Income has portfolio management and research teams in Newark, N.J.; London and Singapore. For more information, please visit http://www.prudentialfixedincome.com
Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $871 billion of assets under management as of September 30, 2011, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit http://www.news.prudential.com/.