Pramerica has adjusted the structure of a €300 million CLO it priced this month, presumably to reflect the fact that an unusually large portion of the collateral is in fixed-rate bonds, as opposed to floating rate loans.

Dryden XXVII Euro CLO 2013, which was underwritten by Barclays, requires the collateral manager to maintain a minimum concentration of 75% of senior secured loans or bonds and a maximum of 25% of non-senior secured loans or bonds.  While there is no specification for the split between loans and bonds, a presale report published by Standard & Poor’s says the split in the deal’s indicative portfolio is 37% bonds versus 63% loans.

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