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Market Commentary

  • Thursday 9 October 2025 09:30 London/ 04.30 New York/ 17.30 Tokyo

    Mezz/Equity CLO

    USD CLO Mezz/Equity

    CLO spreads flat with only a small number of non-benchmark BBs trading today in a 533dm-797dm range with no benchmark activity to note.


    AAA CLO

    EUR AAA CLO

    AAA trades appear largely unchanged although EGLXY 2013-3A ARRR did trade wider than we expected given that it is callable. Although having said that its MVOC is low so the market is judging this deal is not likely to get called.

    Mezz/Equity CLO

    EUR MEZZ/EQUITY CLO

    AA’s have traded around +200 for FRNs.

    CONTE 3X CRR (A) traded at 237 dm.

    BBBs are unchanged. MNMNT 3X D2, a Serone Capital deal, suffered a new manager spread premium and traded around 430 dm but the other BBBs were around 300 dm.

    BBs and single B’s are unchanged at around 540 dm and 840 dm respectively.

    CORDA 6X SUB traded at 16% yield due to slightly weaker metrics of 1.6% of defaults in the pool and 1.2% historic ADR.

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