Palmer Square Capital Management, an investment management firm that provides portfolios of structured credit, corporate credit and hedge fund strategies, has closed on its third collateralised loan obligation (CLO).
Palmer Square CLO 2014-1, which closed on 5 June 2014, is a USD457 million issuance.
The transaction was arranged by Bank of America Merrill Lynch.
Similar to the prior two transactions Palmer Square previously announced, this vehicle is designed to invest primarily in institutional senior secured bank loans.
Christopher D Long, president of Palmer Square Capital Management, says: “We are thrilled to have executed on our third successful CLO offering. Given our team's experience in both structured investments and corporate credit, we believe we have a significant competitive advantage in this area. We plan to continue enhancing our CLO platform while also executing on investment opportunities across the other facets of our platform, most notably, long/short credit and our other alternative and traditional investment strategies."