Jan. 6 (Bloomberg) -- Bank of America Corp. is raising a $311 million collateralized loan obligation to be managed by Symphony Asset Management LLC, according to three people with knowledge of the deal.
The CLO includes a $192 million slice rated AAA by Standard & Poor’s that has initial price guidance of 150 basis points to 155 basis points more than the London interbank offered rate, said the people, who declined to be identified because the terms are private.
CLOs are a type of collateralized debt obligation that pool high-yield, high-risk loans and slice them into securities of varying risk and return.
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