ING closed a CLO for more than $400 million, according to sources. Almost $2 billion in new CLOs have priced in May.
ING Alternative Asset Management priced the $410 million CLO through Credit Suisse, according to Standard & Poor's Leveraged Commentary and Data. The 10-year CLO will invest the largest portion of its assets in triple-A rated assets but also invest in B and C-rated assets as well as subordinated notes.
The CLO is the seventh to price so far in 2011 and brings the year-to-date CLO volume to approximately $3 billion. May has been the busiest month for CLO issuance since August 2008, according to S&P.