Pacific Life has been revealed as the investor behind a whopping $1.5bn CLO BWIC, that is due at 10am ET on Thursday 4 December, according to several 9fin sources. The BWIC contains only triple-A rated CLO bonds, and has 62 items in it, according to materials seen by 9fin.

You can download the full list here, and the BWIC process will be best foot forward, and covers will be shared, according to sources.

Pacific Life is selling $1.5bn of CLO paper as the firm is rotating some of its portfolio out of CLOs, and into private assets/opportunities, sources told 9fin. Pacific Life very rarely, if ever, sells out of its CLO book, sources say, making this whopping list “out of character”, one source stated.

However, another source stated that when Pacific Life bought the CLO bonds in the primary market, the purchases were viewed as a liquidity trade and that Pacific Life was likely to sell them at some point.

Pacific Life runs its CLO book internally now, after hiring this year to bring it in-house, according to sources. Justin Slipher is head of public structured products portfolio management at Pacific Life, after he joined from Reinsurance Group of America in October last year.

Up until 2023, Pacific Life owned Pacific Asset Management which invested on behalf of the insurer in liquid credit among other asset classes, sources say, but Pacific AM was sold to Aristotle Capital Management over two years ago.

The 62-item BWIC list has a number of tier one, and liquid names in it, sources say. The most common manager featured on the BWIC is Carlyle Group with seven triple-A positions in Carlyle CLOs listed for a total of $163m, the BWIC shows.

The largest single position is $52m of Harvest US CLO 2025-2, a new issue deal from Investcorp Credit Management that priced on 20 June, and closed on 30 July, 9fin data shows. The $52m is just over 20% of the entire $252m triple-A tranche. There is one other $50m position which is from the reset of Barings 2023-I, the list shows. The reset priced this year on 8 May, and closed on 2 June, according to 9fin data.

Almost all of the bonds in the BWIC list have price talk above par, the list shows, as only three positions have price talk in the 99s. Those items are $30m of 1988 CLO 3 (a Muzinich-managed CLO), $20m of AGL 12, and $10m of 1988 CLO 2.

Pacific Life did not respond to request for comment.