Morgan Stanley has raised a $353.8 million CLO for New York Life Investment Management, according to a presale report from Standard & Poor’s.

S&P has assigned the most senior piece of the Flatiron CLO 2011-1 deal, a $220 million tranche, a preliminary AAA rating. It pays an interest rate of Libor plus 155 bps. The tranche has 37.94% subordination, according to the presale report.

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