AAA CLO

USD CLO AAA

$65m of flow across 4 trades, no changes in CLO spreads and US LSTA 100 Index +5bp dod.  AAA high coupon profiles non benchmarks trade 156dm-160dm (AAA Index 138dm).

Mezz/Equity CLO

USD CLO Mezz/Equity

Just one mezz trade at AA level - VENTR 2023-48A B1 covers 101.16 at 260dm / 7.15y WAL (EoRP 2028) with a high coupon profile (+275bps coupon) with the AA Index unchanged 194dm.

AAA CLO

EUR AAA CLO

AAAs look a little softer again, at around 114 dm today.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

AAs are steady at around 165 dm.

AVOCA 10X CRR (A) traded at 200 dm.

ALBAC 1X DR (BBB) traded at 336 dm.

BBs are unchanged at 587 dm in secondary.

AAA CLO

USD CLO AAA
Only $34m of flow today, non benchmark bonds exchanged hands and US LSTA 100 Index +7bp dod.  AAA trade 96dm-109dm post reinvestment profiles, AAA Index unchanged 138dm

Mezz/Equity CLO

USD CLO Mezz/Equity

A sprinkle of BBB and BB non benchmark profiles trade.  BBB trade 274dm-290dm both trades post reinvestment (BBB Index 338dm).  BB trade537dm-862dm with profiles an array of post reinvestment, weaker manager and high coupon (BB Index unchanged 645dm).

AAA CLO

EUR AAA CLO

AAAs traded today, maybe a bp or two softer, at an average spread of 100 dm.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

BBBs are steady at around 419 dm.

BBs are unchanged at 656 dm in secondary.

INVSC 11A F (B) traded at 971 dm.

AAA CLO

EUR AAA CLO

A lot of AAA odd-lots in deleveraged bonds traded with an average spread of 99 dm.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

There are two BBB trades. HNLY 4X D is clean and traded at 294 dm. HAYEM 8X D is performing poorly and traded at 408 dm.

BBs traded around 583 dm.

PHNXP 1X ER (B) traded at 704 dm.

Mezz/Equity CLO

USD CLO Mezz/Equity

Few trades today given month end, only $4.5m of small mezz clips trade, US LSTA 100 Index +7bp dod.  CLO spreads unchanged from Friday close, with all today's A-BB trades non benchmarks.

AAA CLO

EUR AAA CLO

AAAs static at 102 dm in secondary today.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

Single A’s are at 210 dm.

BBs traded around 601 dm.

Single B’s traded around 643 dm.

AAA CLO

USD CLO AAA

Around 100m of flow today, with the vast majority in AAA post reinvestment bonds, US LSTA 100 Index +7bp dod and no changes in any of the indices.

Mezz/Equity CLO

USD CLO Mezz/Equity

$48m of flow today, US LSTA 100 Index +1bp dod and lower mezz CLO spreads slightly softer.  Majority of the flow in BB with a trading range 536dm-800dm with benchmarks 634dm-654dm and our BB Index shifting slightly to 645dm.  

AAA CLO

EUR AAA CLO

AAAs static at 104 dm in secondary today.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

SNDPE 8X B1 (AA) traded at 170 dm.

Single A’s are at 202 dm.

BBBs traded around 315 dm.

BBs are around 604 dm today.

AAA CLO

USD CLO AAA

US LSTA 100 Index flat dod and CLO spreads also flat on the day.  1 x AAA trade BRDGS 2021-1A A1A covers 100.04 at 154dm / 3.4y WAL (EoRP 2026) - MVOC 156.7, coupon +123bps with the manager Franklin Square's profile slightly weaker to benchmark hence wide of the AAA Index 138dm.

Mezz/Equity CLO

USD CLO Mezz/Equity

Non Benchmark mezz trades today and most of the flow in BB and BBB and no change in the index levels.

AAA CLO

EUR AAA CLO

AAAs static at 100 dm in secondary today.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

FIOS 3X B (AA) traded at 193 dm.

FIOS 3X C (A) is at 223 dm.

BBBs traded around 405 dm.

BBs look a little softer averaging around 586 dm.

HARVT 18X F (B) traded at 629 dm.

AAA CLO

USD CLO AAA

$25m of flow with a little softening at AAA, US LSTA 100 Index -4bp dod.  AAA trade 85dm-165dm with benchmarks 137dm-146dm (AAA Index 138dm).  6.2m of CYGPK 2020-1A AR covers 100..20 at 138dm / 3.3y WAL (EoRP 2026) - MVOC 157.9, ADR 0.37, Jnr OC cushion 4.4 so a clean deal that trades right on our index level.

Mezz/Equity CLO

USD CLO Mezz/Equity

1 x benchmark mezz trades close to our index, small clip of DRSLF 2021-87A D covers 99.50 at 338dm / 5.7y WAL (EoRP 2026) - MVOC 108.7, coupon +295bps, ADR elevated 1.95 and PGIM managed (BBB Index 333dm).

AAA CLO

EUR AAA CLO

AAAs averaged 94 dm in secondary today.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

AAs are around 186 dm today.

Single A’s around 217 dm.

BBBs are firm at around 338 dm.

BBs are unchanged at around 581 dm.

Two single B’s traded well today, at an average spread of 618 dm.

Mezz/Equity CLO

USD CLO Mezz/Equity

$59m of flow today in mezz, US LSTA 100 Index +8bp on Friday close with CLO spreads flat.  The majority of flow is in AA bonds, trading range 182dm-218dm with benchmarks 186dm-196dm around our AA Index 194dm, key trade is ELM27 2024-3A B cover 100.94 at 186dm / 7.7y WAL - EoRP 2026, Elmwood managed, 0 ADR and +195bp coupon benchmark bond.

AAA CLO

EUR AAA CLO

Today’s trades do look a little softer than our models predicted – even though this is not reflected in the primary market where Capital Four VIII priced at +129 recently. The average traded spread today is 106 dm.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

Single A’s are unchanged at around 209 dm.

BB’s traded around 569 dm.

AAA CLO

USD CLO AAA

$150m of flow across IG, single-As wider and US LSTA flat dod.  1 x MM CLO trade today at the AAA level - ABPCI 2023-14A A covers 100.57 at 254dm / 3.8y WAL, this bond has a high coupon profile so trends wider than recent MM CLO AAA comps.

Mezz/Equity CLO

USD CLO Mezz/Equity

Single-As trade 183dm-239dm with benchmarks 231dm-235dm (Single-A Index 233dm) with low coupon profiles trading inside the index level.

AAA CLO

USD CLO AAA

$64m of senior / subIG flow today, US LSTA 100 Index flat dod.  AAA trade 142dm-170dm non benchmarks (AAA Index unchanged 136dm).

Mezz/Equity CLO

USD CLO Mezz/Equity

Mezz flow in AA, A and BB bonds, all non benchmarks with no changes in the index levels.  2 x SME CLO tranches trade, one at AA and one at A - with clearing levels tighter than recent comps - eg. MCMML 2022-1A B from Monroe (AA rated) covers at 100.25 at 205dm / 4.5y WAL (EoRP 2026).

AAA CLO

EUR AAA CLO

Spreads unchanged. AAAs at around 106 dm.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

SNDPE 11X B AA traded at 192 dm.

Mezz/Equity CLO

USD CLO Mezz/Equity

$24.5m of flow in AA bonds only today, spreads unchanged.  US LSTA 100 Index +1bp dod.  AA bonds trade 178dm-206dm with non benchmark profiles - post reinvestment / weaker manager profile for bond in reinvestment, see PriceABS for trade details.  AA Index unchanged 194dm.

Mezz/Equity CLO

USD CLO Mezz/Equity

Only $26m of flow today across 6 trades (all non benchmark profiles BBB and B) with no movement on CLO spreads, US LSTA 100 Index +9bp on last CLO trading day of last week.  

AAA CLO

USD CLO AAA
$81m of flow with the majority of it in single-A bonds, spreads are flat on the day, US LSTA 100 Index +3bp dod.  1 x AAA BSP 2018-5BA A1R covers 100.57 at 149dm / 6.5y WAL - EoRP 2029, MVOC 155 and ADR slightly elevated 1.2 and coupon profile is at the higher end so does trade wide of the AAA Index 136dm.

Mezz/Equity CLO

USD CLO Mezz/Equity

Single-A flow all restricted to high coupon profile bonds (245dm-285dm) and trade wide to the Index 218dm.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

Just a handful of BBs trading today. Spreads are steady at around 636 dm.

AAA CLO

USD CLO AAA

$103m of flow across the stack, tightening at single-A else other levels all stable, US LSTA 100 Index +3bp dod.  AAA flow is in MM CLOs with a trading range 162dm-183dm which is tighter than more recent comps.

Mezz/Equity CLO

USD CLO Mezz/Equity

Single-As trade 186dm-282dm with high coupon profiles and MM CLOs at the tail of this range 256dm-282dm with benchmarks trading 206dm-220dm and our single-A Index 218dm.  BBB and BB flow in non benchmarks (post-reinv/high coupon profiles) with no change in the Index.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

Single A’s traded around 269 dm today. The rally we’ve seen in the last week is evidenced by BECLO 8X CR which covered at 99.81 on 5 Sep and 100.00 today.

BBBs continue to tighten and traded at 275 dm today.

BBs are steady at 596 dm.

The two single B trades posted look to have bucked the trend and widened, perhaps by around 15 bps.

AAA CLO

USD CLO AAA

$89m of flow across the stack, spreads stable, US LSTA 100 Index +1bp dod.  1 x AAA trade GLM 2024-19A A covers 100.54 at 146dm / 6.3y WAL (EoRP 2029) with clean metrics and slightly wide of our AAA Index (136dm) given the higher coupon profile +150bps.

Mezz/Equity CLO

USD CLO Mezz/Equity

Mostly non benchmark bonds trade (post reinvestment profiles majority) with little movement in spread direction notable on these execution levels.

AAA CLO

EUR AAA CLO

A couple of recent issue AAAs traded at 138 dm.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

AAs are around 146 dm today.

AQUE 2017-1X CR (A rated) traded at 176 dm.

AQUE 2017-1X DR (BBB) traded at 270 dm.

BBs traded around 587 dm.

AAA CLO

USD CLO AAA

$93m of flow with some tightening in lower mezz spreads, US LSTA 100 Index +2bp dod.  AAA 1st pay BSLs trade 129dm-143dm with AAA Index unchanged 136dm, 3 x MM CLO AAAs in reinvestment / 1st pays trade 174dm-193dm.

Mezz/Equity CLO

USD CLO Mezz/Equity

Flow today in BBB and BB with soem tightening, BBB trade 309dm-510 (BBB Index shifts to 333dm) and BB trade dispersion is 614dm-851dm with a benchmark trade CIFC 2020-1A ER cover 100.35 at 650dm / 6.1y WAL - EoRP 2026, MVOC 105.6, ADR 0.58, +625bps coupon and CVC managed - BB Index 644dm.

AAA CLO

EUR AAA CLO

AAAs have rallied by around 5 bps in secondary.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

AAs likewise have tightened by a handful of bps.

Single A’s and BBBs look around 10 bps firmer.

BBs are about 15 bps tighter.

JUBIL 2020-24X F (B rated) traded at 901 dm.

AAA CLO

USD CLO AAA

$83m of flow across the stack in AAA, BBB and BB bonds, spreads stable and US LSTA 100 Index +7bp dod.  AAA trade 123dm-141dm with one benchmark trade JTWN 2020-15A A1R cover 100.08 at 140dm / 4.4y WAL - EoRP 2027, MVOC 155, ADR 0.4 and managed by Investcorp (AAA Index 136dm).

Mezz/Equity CLO

USD CLO Mezz/Equity

Flow was in BBB and BB, BBB trade 337dm-450dm (BBB Index 341dm) with no benchmarks, BB trade 639dm-878dm with the BB Index 653dm, 1 x benchmark trade CANYC 2023-2A E cover 100.86 at 656dm / 9.5y WAL - EoRP2029, coupon +665bps, MVOC 107.9 and managed by Canyon Capital with ADR of 0.

AAA CLO

EUR AAA CLO

The AAA market is unchanged. Seasoned bonds past their RPE dates are trading around 80 to 100 dm. More recently issued bonds with higher margins are around 150 to 180 dm.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

A number of BBs that have started delevering have traded quite tight – average spreads around 484 dm.

AAA CLO

USD CLO AAA

$74m of flow today, AAA and BBB.  CLO spreads flat, US LSTA 100 Index +2bp dod.  AAA trade 121dm-139dm with benchmarks 135dm-139dm (AAA Index 136dm).

Mezz/Equity CLO

USD CLO Mezz/Equity

Just one trade at BBB level, OCP 2024-31A D covers 101.81 at 371dm / 8.7y WAL - MVOC is healthy 112.3, coupon +395bps which is a higher percentile, EoRP 2029, Manager is benchmark (Onex) and other credits metrics are clean, this bond scales slightly higher than our BBB Index 341dm mainly due to the coupon profile of the bond.

Mezz/Equity CLO

USD CLO Mezz/Equity

$160m of mezz/equity flow today, US LSTA 100 Index +10bp dod as BBB CLO spreads tighten slightly.  Most of flow in BBB and BB, BBB trade 288dm-467dm with benchmarks 344dm-346dm with our BBB Index tighter at 341dm.  BB trade 690dm-777dm with our BB Index unchanged 652dm.

AAA CLO

EUR AAA CLO

The AAA market is firm. Discount bonds traded around 80 dm and premium bonds around 145 dm.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

AAs are steady today, trading at around 162 dm.

Single A’s are around 228 dm.

BBBs traded around +300 for low margin bonds and around +450 for high margin.

BBs traded around 637 dm.

AAA CLO

USD CLO AAA

$320m of flow today, first liquidity since the holiday weekend, US LSTA 100 Index +6bp on last CLO trading day.  AAA trade 104dm-201dm with benchmarks 134dm-147dm with our AAA Index 136dm.

Mezz/Equity CLO

USD CLO Mezz/Equity

The only meaningful flow is in BB bonds, 655dm-854dm trading range with benchmarks 655dm-659dm near our BB Index 652dm.  Little flow elsewhere in mezz.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

AAs are steady today, trading at around 172 dm.

Single A’s are at around 214 dm.

BBBs are also unchanged at around 311 dm.

BBs are at 677 dm.

OCPE 2019-3X FR (B rated) traded at 859 dm.