T. Rowe Price has announced its entry into the collateralised loan obligation (CLO) market as an issuer with the debut of ROWE CLO 2026-1.
The global investment manager said its first CLO deal closed at $403.6m (£300.3m) and was secured primarily by broadly syndicated first-lien loans.
T. Rowe Price said its CLO business is an extension of its $335bn fixed income platform, having invested in the CLO marketplace since 2016.
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“CLO management is a natural development from our deep experience investing in leveraged credit,” said Eric Veiel, chief investment officer and head of global investments for T. Rowe Price. “We believe this move will expand our relationships with clients globally, across both debt and equity tranches, by meeting growing demand for these securities.”
The firm said its activity in the CLO marketplace will be conducted through its investment adviser, T. Rowe Price Associates.
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T. Rowe Price said Steve Finamore and Adam Goldberg will serve as co-portfolio managers for the CLO and are members of the broader fixed income team.
Wells Fargo Securities acted as arranger, placement agent and structuring agent, according to T. Rowe Price.
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