Pramerica Investment Management is preparing a €416.7 million European collateralized loan obligation, according to a presale report published by Standard & Poor’s.

The transaction, Dryden 32 Euro CLO 2014, is backed primarily of euro-denominated broadly syndicated senior secured loans and bonds. However the portfolio manager can purchase non-euro-denominated obligations subject to an asset swap. The maximum bucket for unhedged obligations is 2.5%, subject to certain conditions.

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