The CLO Investor Podcast #21, Brian Nolan, Head of European CLO Structuring, PGIM
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Jun 30, 2025 
Brian Nolan, Head of European CLO Structuring at PGIM, shares his expertise on the nuances of European CLOs versus their U.S. counterparts. He discusses the complexities of structuring these financial instruments, emphasizing regulatory impacts and the importance of collaboration. Nolan also highlights the challenges European investors face, including access and ESG considerations. Furthermore, he simplifies key financial terminology, covering developments like the shift from LIBOR to SOFR and discusses risk management strategies within the CLO landscape.
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Brian Nolan's CLO Career Path
- Brian Nolan moved from corporate banking to CLOs through roles at Fitch and S&P ratings agencies.
- He has spent about seven years structuring CLOs at PGIM in Europe, gaining deep industry experience.
Data Completeness Drives Comfort
- Brian Nolan values CLOs for the extensive, reliable data they provide for portfolio assessment.
- This certainty in numbers contrasts with frustrations from prior corporate banking roles.
PGIM’s Unique European CLO Approach
- PGIM differentiates in Europe by including more fixed-rate bonds in CLOs, unlike US CLOs.
- They employ an active management style with high portfolio churn and deep analytics resources.