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HSBC Arranges Warehouse Facility for PGIM Euro CLO

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Reporting: Victoria Thiele

HSBC has opened a warehouse facility with PGIM for what could be the bank’s first arranging role on a European new issue CLO in more than 10 years, according to sources.

In 2023, HSBC made a push into the CLO arranging business with the hire of former Deutsche Bank syndicate banker Nikunj Gupta. In August 2024, the bank priced a refinancing for CVC Capital Partners, and in October it arranged a reset for Redding Ridge Asset Management.

HSBC declined to comment. PGIM did not respond to a request for comment.

More banks are attempting to establish themselves as arrangers in Europe’s booming CLO market.

This week, Octus reported that Standard Chartered has hired Constantin Hulst from Citi’s CLO syndicate and structuring team.

HSBC’s previous new-issue CLO deal was back in October 2014, when the bank arranged Harvest CLO X for 3i Debt Management, a firm which was subsequently acquired by Investcorp in 2016.